Alpha Group International plc: history, ownership, mission, how it works & makes money

From a 2009 start-up by Morgan Tillbrook focused on FX risk management to a company that listed on AIM in 2017 and moved to the LSE main market in April 2024, Alpha Group International plc charted rapid growth-highlighted by its 2023 acquisition of Cobase and its June 2024 entry into the FTSE 250-before being acquired by Corpay in October 2025 in a landmark $2.2 billion cash deal (court-approved on 28 October 2025); operating under the ticker ALPH with Clive Kahn as CEO and Dame Jayne-Anne Gadhia as Chair Designate, the group combined a high-tech, high-touch mission and sustainability focus with three core segments-Corporate (hedging and FX risk management), Private Capital Markets (accounts, payments and fund finance) and Cobase (cloud-based multi-bank connectivity)-backed by a strong liquidity position of £209.9 million in cash as of June 2025; financials underscore its performance: total revenue rose 23% to £135.6 million in 2024, driven by Corporate revenues up 21% to £63.8m, Private Capital Markets up 20% to £69.0m, Cobase contributing £2.9m post-acquisition, plus substantial net treasury income of £84.0m in 2024, delivering a compelling return on equity of 30.12% that positioned the business for further scale within Corpay's global platform.

Alpha Group International plc (ALPH.L): Intro

• 2009 - Morgan Tillbrook founded Alpha FX to provide FX risk management and hedging services to corporate clients.
• 2017 - Alpha FX completed an IPO on the London Stock Exchange's Alternative Investment Market (AIM), gaining access to public capital for expansion.
• September 2023 - Alpha FX acquired Cobase, a multi-bank connectivity and corporate payments platform, to strengthen its SaaS and multi-bank payments capabilities.
• April 2024 - The company moved from AIM to the London Stock Exchange main market, reflecting scale and governance readiness for a broader investor base.
• June 2024 - Alpha FX was admitted to the FTSE 250 index, underscoring sustained revenue and market-cap growth consistent with mid-cap constituents.
• October 2025 - Corpay (a North American payments provider) announced a definitive agreement to acquire Alpha Group International in a $2.2 billion cash transaction, with completion in late 2025.

• Originally focused on bespoke FX hedging and option structures for corporates, offering advisory and execution via a broker model.
• Expanded into SaaS treasury and cash management through platform acquisitions (notably Cobase) and internal product development to offer multi-bank connectivity, payments initiation, and centralised reporting.
• Built complementary services: card and virtual card issuance, cross-border payments, and integrated FX execution - moving from transaction-focused revenue toward recurring-licence and platform fees.

• FX spreads and execution margins: profit on client FX transactions and structured hedging instruments.
• Platform fees and SaaS subscriptions: recurring revenue from treasury/payments platform licences and bank integrations.
• Processing and payment fees: per-transaction charges, interchange, and cross-border payment margins.
• Value-added services: treasury outsourcing, advisory fees, and implementation/integration professional services.

• The $2.2 billion cash acquisition positioned Alpha Group as a strategic asset for Corpay's expansion into corporate FX, treasury and European payments markets.
• Combination intended to accelerate product integration: multi-bank connectivity, expanded cross-border flows and combined client bases across North America and Europe.
• For stakeholders, the deal represented full exit liquidity for public shareholders and a valuation premised on recurring SaaS-like earnings plus transaction revenues.

• Platform-led growth: shifting revenue mix from one-off transaction margins toward recurring SaaS and processing fees was central to valuation uplifts during 2023-2025.
• Tech-enabled multi-bank connectivity (Cobase) provided stickiness and cross-sell opportunities for FX, payments and virtual card products.
• Scale and market listing transitions (AIM → Main Market → FTSE 250) enhanced governance, institutional investor access and liquidity ahead of the strategic sale.

Alpha Group International plc (ALPH.L): History

• Listed on the London Stock Exchange under ticker ALPH.
• Shareholder base comprised institutional investors and retail holders prior to acquisition.
• Board leadership included Clive Kahn (Chief Executive) and Dame Jayne-Anne Gadhia (Chair Designate).
• In October 2025 Corpay agreed to acquire Alpha Group, converting the company from a public company to a privately held subsidiary.
• The scheme of arrangement was approved by the court on 28 October 2025, finalizing the ownership transfer.
• Post-acquisition, Alpha Group operates within Corpay's global financial services portfolio.

Alpha Group International plc (ALPH.L): Ownership Structure

• Mission: provide high‑tech, high‑touch financial solutions to businesses by combining technology platforms with specialist advisory services.
• High‑performance culture: emphasis on innovation, measurable client outcomes and rapid product iteration.
• Technology focus: strategic investments in platform providers such as Cobase to enable multi‑bank trading, treasury management and cash visibility.
• Sustainability: initiatives targeting long‑term growth and environmental responsibility as part of corporate governance and investor communications.
• Diversification: expanding beyond traditional FX and payments into treasury technology, SaaS and value‑added advisory services.
• Commitment to excellence: a track record of recurring revenues and margin improvement aimed at industry recognition and client retention.

• Core proposition: combine proprietary and partner technology with specialist teams to deliver FX, payments, treasury and multi‑bank connectivity services to corporates.
• Revenue drivers: transaction fees, platform subscription/SaaS revenue, advisory/management fees and interest or float income on client balances.
• Client mix: mid‑market corporates, payment intensive businesses and treasury teams seeking multi‑bank aggregation and FX risk management.
• Technology strategy: invest in and partner with platforms (e.g., Cobase) to scale multi‑bank trading and treasury services, reducing manual processes and increasing ARPU (average revenue per user).

• Public listing: traded on the London market under ticker ALPH.L, with a shareholder mix of institutional funds, private investors and management holdings.
• Insider alignment: management and board hold meaningful stakes to align long‑term strategy with shareholder interests.
• Institutional ownership: core institutional investors typically represent a significant portion of free float, providing liquidity but also active oversight.
• Governance emphasis: regular reporting on ESG metrics, technology investments and diversification plans as part of investor outreach.

Alpha Group International plc (ALPH.L): Mission and Values

• Client-first culture emphasizing responsiveness, innovation, and bespoke solutions.
• Technology-led delivery combining advisory expertise with cloud connectivity and automation.
• Risk-aware growth: scaling services while maintaining conservative balance sheet strength.

• Corporate - provides risk management services to corporate clients to hedge foreign exchange exposures, using bespoke hedging strategies and derivatives execution.
• Private Capital Markets - delivers accounts and payments solutions, currency management advisory, and fund finance services to asset managers, investment funds and institutional clients.
• Cobase - acquired in 2023, offers cloud-based bank connectivity technology that enables corporates to aggregate accounts, initiate payments and manage multi-bank relationships through a single platform.

• Integrated advisory + execution: combining market access, structuring and operational implementation to move from strategy to settlement.
• Platform-first delivery: Cobase and proprietary tools reduce manual reconciliation, accelerate payments and centralise multi-bank visibility.
• Service teams aligned to client segments, enabling tailored counterparty and credit solutions for corporates, asset managers and funds.

• Corporate segment revenues derive from advisory fees, margin on executed FX hedges and structured product sales to corporate clients.
• Private Capital Markets earns from account and payments fees, advisory retainers, fund finance arrangement fees and ongoing treasury management services.
• Cobase drives recurring SaaS-style revenues through platform subscriptions, bank connectivity fees and transaction-based charges for payment initiation and reconciliation services.
• Cross-sell dynamics: advisory relationships in Corporate and Private Capital Markets generate leads for Cobase platform adoption, increasing customer lifetime value.

• Client-focused team culture supporting rapid product iteration and tailored service delivery.
• Conservative balance sheet and liquidity position, evidenced by a strong cash balance of £209.9m (June 2025), supporting investment in technology and targeted M&A.
• Governance oriented to risk oversight for derivatives and client credit exposures, with centralized middle- and back-office controls.

Alpha Group International plc (ALPH.L): How It Works

• Primary revenue drivers: FX risk management and conversion spreads, accounts & payments fees, SaaS/platform fees (Cobase), and net treasury income from client cash.
• Revenue diversification is achieved across corporates, asset managers/wealth platforms and banking/treasury customers.
• Strategic acquisitions (e.g., Cobase in Sept 2023) expand product set and cross-sell opportunities.

• Corporate: earns via fees for FX hedging programs, spreads on currency conversions, and advisory/structured solutions; growth tied to FX volatility and client demand for risk mitigation.
• Private Capital Markets: monetises accounts, payments and settlement services through per-transaction fees, monthly account charges and ancillary payments revenues; benefits from scale with asset managers and wealth platforms.
• Cobase: a SaaS layer offering multi-bank connectivity; generates recurring subscription revenue and up-sell of payment/receivables automation.
• Treasury income: Alpha invests short-term client float and idle balances, capturing interest and investment returns (net treasury income was £84.0m in 2024), which materially supplements segment revenues.

• Volume and mix: higher transaction volumes increase spread and fee revenue; higher-margin services (structured FX, advisory) lift blended margins.
• Price-setting: ability to set spreads/fees based on counterparty risk, currency corridor and service level.
• Capital deployment: optimisation of client balances and treasury assets determines net treasury income contribution.
• Acquisitions & integrations: add complementary revenue streams (e.g., Cobase) and create cross-sell synergies across Corporate and Private Capital Markets.

• FX market activity and volatility (affects Corporate demand and spreads).
• Interest rate environment (drives net treasury income on client balances).
• Regulatory and compliance costs for payments and custody services.
• Integration risk and customer retention following acquisitions.

Alpha Group International plc (ALPH.L): How It Makes Money

• Core revenue drivers: cross-border payment fees, FX spreads, subscription/commission for platform access and value‑added treasury services.
• Client base: corporates, payment service providers, brokers and intermediaries using API integration and hosted platform services.
• Delivery model: technology-led platforms plus transaction processing and risk-management overlay (hedging, liquidity).

• Post-acquisition benefits: access to Corpay's distribution, scale in payments rails, and expanded product suite to upsell existing clients.
• Growth levers: product innovation (APIs, automated FX/tax controls), strategic partnerships, deeper integration with corporate treasury workflows.
• Expected outcomes: accelerated geographic expansion, broader service offerings and improved unit economics through scale.