DFC Global Corp. (NASDAQ: DLLR), a leading international diversified financial services company serving primarily unbanked and under-banked consumers for over 30 years, today announced that its wholly owned United Kingdom subsidiary, The Money Shop, opened its 500 th company-operated store in the town of Thetford Chase. The new store will offer the entire portfolio of the Company’s products and services, including short-term loans, secured pawn loans, check cashing, gold purchase, Western Union money transfer, foreign exchange, debit cards, and others.
Commenting on the store opening, Jeff Weiss, the Company’s Chairman and Chief Executive Officer, stated, “We are very pleased to reach another milestone in the development of our global footprint with the opening of our 500 th company-operated U.K. store. The rapid expansion of our store footprint in the United Kingdom, which represents the largest retail financial services store network of its kind in that market, continues to strengthen the Money Shop brand as the leading provider of financial services to the unbanked and under-banked consumers in the United Kingdom. In addition, the successful expansion of the Company’s store network in the United Kingdom, Scandinavia and Spain have positioned DFC Global Corp. as the leading provider of pawn loans in Europe and the second largest pawn lender worldwide.
Our initial entry into the United Kingdom in 1999 began with the acquisition of eleven stores, which served to provide us with a foothold from which to familiarize ourselves with the particular nuances of the U.K. market. Over time, we built upon this foundation through de novo store development and the purchase of other small store chains and internet lending platforms to create what is now the largest provider of financial services to the ALICE (asset limited, income constrained, employed) and ARTI (asset rich, temporarily illiquid) demographics in the United Kingdom. This is the staged development approach we are currently employing in the countries we recently entered (Sweden, Finland, Poland and Spain), which similarly also began as store based acquisitions.”