Travelex is a global provider of international payment services and foreign currency exchange solutions to wholesale and retail customers.


Travelex provides wholesale supply of banknotes to a global customer base of ~200 financial institutions and Central Banks. The Company also delivers outsourced white-label foreign currency solutions to banks, supermarkets, and other diversified end-markets. In the retail market, Travelex offers foreign exchange services through its international footprint of 1,500+ stores and 1,000+ ATMs, located in major airports around the world.

Insight & Approach

In 2020, Travelex approached Vector Credit for distressed financing to facilitate its near-term liquidity needs, driven by negative COVID-19 related industry headwinds. Vector helped identify and ring-fence the most profitable and least capital-intensive Travelex entities. With a consortium of lenders, Vector and provided a flexible £84 million funding solution to the reorganized Company. The transaction closed in August 2020.

Vector Value Add

Vector’s expertise in providing tailored financing solutions combined with our extensive knowledge of Travelex and the foreign exchange industry allowed our credit team to help reorganize the Company and structure the £84 million senior secured notes. Vector was able to invest at a material discount to par, in exchange for equity ownership in the new entity. Vector currently holds a seat on the board.