FX & International Payments
Find out how we helped this fastest growing direct to consumer brand of 2018 achieve maximum returns when trading overseas.
Simba Sleep Case Study
Simba has gone through a rapid expansion since their inception in 2016. This led to the need for a multi-currency payments solution that would be able to provide cost savings and flexibility to accommodate their growth overseas. Simba had previously used their bank but the service levels and cost structure were insufficient for their expanding business. A more tailored and hands-on solution was required.
Simba’s sales were mostly in the UK although their exposure increased as sales grew into Europe due to online sales with platforms such as Amazon. Production was also originally in the UK but to cope with increased demand, certain aspects of production were moved overseas. This created a need to manage currency risk as paying suppliers internationally.
GC Partners provided a holistic review of the international payments, both in and out of simba accounts. By modelling their future sales and expenses, GC Partners provided a solution to meet those needs including:
- Named multi-currency accounts
- The ability to hold multiple balances in different currencies at once
- A payment portal with the capability to make payments in local currency and also to make bulk payments to a variety of payees
- To have market orders in place, where Simba could benefit from spikes in the market and cover their currency risk, should the rate fall
The outcome meant that Simba saved money with their foreign exchange, minimised their FX risk whilst helping them to budget and plan ahead more easily.