Alpha Group International

Alpha Group International was a British financial services company that developed from Alpha FX, a foreign-exchange management business founded by Morgan Tillbrook in 2009. The company concentrated on helping corporate and institutional customers manage the financial and operational challenges associated with international business, including currency exposure, cross-border payments and the movement of funds between jurisdictions. Its activities were centered on foreign-exchange risk management and execution, but the business broadened over time into international payments and related financial infrastructure. This expansion reflected the needs of companies that operate across multiple currencies and banking systems, where payment processing, collections, liquidity management and currency hedging are closely connected. Alpha combined financial-market access with technology and relationship-based service rather than positioning itself as a general consumer banking brand. The company’s corporate development included a 2017 initial public offering on London’s Alternative Investment Market. It later expanded its capabilities through the acquisition of Cobase, a multi-bank trading platform, in September 2023. In April 2024, Alpha Group International moved from AIM to the main market of the London Stock Exchange, where it traded under the ticker AFX. The transition from the Alpha FX identity to Alpha Group International reflected a broader operating scope than foreign exchange alone. Its customer base included corporate businesses, institutional investors and other professional clients with international financial requirements. Typical services included foreign-exchange execution, currency-risk management, international payments and cross-border collections. The company’s proposition was built around reducing complexity for organizations dealing with multiple currencies, payment routes and banking relationships. In July 2025, Corpay, a United States-based provider of payments and spend-management systems, announced an agreement to acquire Alpha Group International in an all-cash transaction valued at approximately $2.2 billion. The transaction received court approval on 28 October 2025 and proceeded toward completion. Following the acquisition, Alpha Group International ceased to operate as an independent publicly listed company. The business’s continuing brand and operational arrangements should be assessed through Corpay’s post-acquisition disclosures.

Alpha Group International originated in 2009 when Morgan Tillbrook founded a foreign-exchange management business known as Alpha FX. The company was established to serve corporate customers dealing with international transactions and currency exposure. Its early proposition centered on helping businesses manage foreign-exchange risk, execute currency transactions and navigate the practical difficulties of operating across different monetary systems. As the business developed, its activities extended beyond a narrow foreign-exchange brokerage model. Alpha added services associated with international payments, cross-border collections and related financial administration. This broadened proposition was aimed primarily at businesses and professional clients rather than retail consumers. The company’s approach combined access to foreign-exchange markets with technology, operational support and client relationships intended to simplify international financial workflows. Alpha FX became a publicly traded company through an initial public offering on London’s Alternative Investment Market in 2017. The listing provided a public-market structure for the company as it expanded its customer base and geographic reach. Over time, the company adopted the Alpha Group International identity to represent a business whose scope included payments and other corporate financial services in addition to foreign exchange. A significant product and capability expansion occurred in September 2023, when Alpha acquired Cobase. Cobase operated a multi-bank trading platform, and its addition strengthened Alpha’s ability to support customers managing relationships with multiple banks and financial accounts. The transaction aligned with Alpha’s broader strategy of combining foreign-exchange services with technology for corporate treasury and payments operations. In April 2024, Alpha Group International transferred its securities from AIM to the main market of the London Stock Exchange. The company traded under the symbol AFX. By this stage, its activities were associated with foreign-exchange risk management, international payments and technology-enabled financial services for corporate and institutional customers in international markets. The company’s independent public-company period ended after Corpay announced a proposed acquisition in July 2025. Corpay, an American payments and spend-management provider, agreed to acquire Alpha Group International in an all-cash transaction reported at approximately $2.2 billion. Court approval was granted on 28 October 2025, enabling the transaction to proceed toward completion. The acquisition changed Alpha Group International from an independent listed company into a business owned by Corpay, and its former public listing and standalone corporate status no longer describe its post-acquisition position.

1. 2025Corpay announces acquisition

   Corpay announced an all-cash agreement to acquire Alpha Group International for approximately $2.2 billion.

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2. 2025Court approval of acquisition

   The court approved Corpay’s acquisition on 28 October 2025, allowing the transaction to proceed toward completion.

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3. 2024Transfer to the LSE main market

   Alpha Group International moved its listing from AIM to the main market of the London Stock Exchange.

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4. 2023Cobase acquisition

   Alpha acquired Cobase, a multi-bank trading platform, expanding its technology and treasury-related capabilities.

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5. 2017Initial public offering on AIM

   Alpha FX became publicly traded on the Alternative Investment Market of the London Stock Exchange.

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6. 2009Alpha FX is founded

   Morgan Tillbrook founded the foreign-exchange management business that later became Alpha Group International.

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A technology-enabled provider of foreign-exchange risk management, international payments and related financial infrastructure for corporate and institutional customers.

• Foreign-exchange risk managementFinancial risk management2009

  Services designed to help corporate and institutional customers identify, manage and execute against currency exposure arising from international trade, investment and operations. The offering was central to Alpha’s original business model and included foreign-exchange execution and related support for customers exposed to movements between currencies.

• International payments and collectionsPayments

  Cross-border payment and collection capabilities for businesses receiving or sending funds internationally. These services complemented foreign-exchange management by addressing the operational side of international cash movement, including the need to transact across currencies and banking jurisdictions.

• CobaseTreasury and banking technology

  A multi-bank trading platform acquired by Alpha Group International in September 2023. Cobase added technology intended to help corporate users work with multiple banks and financial accounts, supporting the company’s expansion from foreign-exchange services into broader treasury and payments infrastructure.

• 2025Accept Corpay acquisitionM&A

  Corpay sought to expand its payments and spend-management business through the acquisition of Alpha Group International.

  What changed. Corpay agreed to acquire Alpha Group International in an all-cash transaction valued at approximately $2.2 billion. Court approval was granted on 28 October 2025.

  Aftermath. The transaction ended Alpha Group International’s independent listed-company status and placed the business under Corpay ownership.

  Transaction value. $2.2 billion (Announced July 2025)

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• 2023Acquire CobaseM&A

  Alpha was expanding beyond foreign-exchange risk management into technology-supported corporate payments and treasury services.

  What changed. The company acquired Cobase, a multi-bank trading platform.

  Aftermath. The acquisition broadened Alpha’s product and technology capabilities for customers managing multiple banking relationships.

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• 2025Corpay announces proposed acquisition of Alpha Group International

  Corpay announced an agreement to acquire Alpha Group International in an all-cash transaction valued at approximately $2.2 billion.

  M&A
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• 2025Court approves Corpay’s acquisition of Alpha Group International

  The acquisition received court approval on 28 October 2025, allowing the transaction to proceed toward completion and ending Alpha’s status as an independent listed company.

  M&AOther
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• 2024Alpha Group International moves to the London Stock Exchange main market

  Alpha Group International transferred its listing from AIM to the main market of the London Stock Exchange.

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• 2023Alpha Group International acquires Cobase

  The company acquired Cobase, a multi-bank trading platform, adding broader treasury and banking-connectivity capabilities to its financial-services offering.

  M&AProduct launch
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• 2017Alpha Group International completes initial public offering on AIM

  Alpha FX, the company later known as Alpha Group International, became publicly traded on London’s Alternative Investment Market.

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1. Alpha Group International
2. Alpha Group International official website