Universal Partners FX are delighted to release their annual financial report for 2021-2022.

After the close of our company financial year, we are proud to celebrate another year of exceptional growth, of which the highlights are:

  • Gross profit increased to £3.2million (up 37.15%).
  • Operating profit increased to £1.17million (up 2.95%).
  • New clients increased by 37.21% to 118*
  • UPFX staff headcount has increased by 33.33%.
  • New cash position increased to £2.25million (up 38.48%)**

* New customer increase is based solely on customers who generate £10,000 or more per annum.

** Post year end the directors injected an additional £2,000,000 further improving the cash position of the business.


To download the full report you can do so by clicking the link below:

UPFX-Annual-Financial-Report-Oct-20-Sep-21_V2.pdf (1.62 mb)


To view our audited accounts and financial statement click the link below:

UPFX-Accounts-YE-September-2021.pdf (400.08 kb)


In February 2022, Universal Partners FX announced their partnership with ABTA, the UK's leading network of travel businesses.

Principally, this underlines our commitment to the travel industry which has been through a torrid time over the past 2 years. As the industry looks set to recover this year, we are more determined than ever to support tour operators, airlines and travel agents through this next phase where 'pent up demand' is likely to see a sudden influx of bookings.

Whilst this is undoubtedly welcome news for the industry, it is also occurring at a particularly volatile time as the pandemic fades but geo-political tensions threaten to overspill into what could be a global conflict.

As a result, travel businesses are susceptible to currency volatility which could seriously undermine their recovery if the right strategy is not implemented.

Working with ABTA is above all else an honour for Universal Partners FX, knowing that our credentials and profile are at a level at which they feel we can add real value to their members. This sentiment was certainly at the forefront of what our Chairman, Dhaval Patel had to say:

"I am absolutely delighted to have partnered with ABTA as this has been a goal for some time. Travel is something we hold dearly here at Universal Partners FX, not just because it is vital for international business, but also because on a personal level we firmly believe it is essential to our development and understanding of the world we live in. ABTA members can be assured that they are getting the most hard-working and dedicated team imaginable, along with some of the finest FX analysts in UK. We will bend over backwards to ensure travel businesses can protect themselves from currency risk and enjoy a well earned period of success."

If you are a travel business wishing to simplify your international payments process or eliminate currency risk, you can get in touch via our website or by calling 0207 190 9559.


In great news for her personally and for the company one of our senior account managers, Gabriella Banasiewicz, has become a finalist for the Women in Finance award at the upcoming Women's Business Awards for her achievements in Foreign Exchange.

The Women's Business Awards celebrates the best businesswomen across the country and has become one of the most hotly contested and highly desirable awards in the UK. Gabriella is one of 11 finalists that remain in the running in her category, which in itself is a great achievement.

However, we want to push to go one step further and help her win this award as it would be thoroughly deserved. Colleagues, clients and all those that have encountered Gabriella can help her win this award by casting your vote.

Click the link below to vote. Once you have clicked the link, make sure you select Women in FINANCE as the award category.




Below is a statement from Dhaval Patel, co-founder and director of UPFX:

"Coming in at a young age, Gabriella joined our FX training programme, learning everything there is to know about currency markets and how to manage large FX volumes on behalf of businesses. This process usually takes a minimum of 5 years, but Gabriella has completed this process in half of that.

With an effortless ability to attract clients along with the hard work and dedication to retain them, she is a key member of our firm. Gabriella now manages over £100M on behalf of her clients all whilst managing her own team, providing them 8 hours of financial markets training every week.

This amazing performance along with her honesty and transparency means she is on track to become part of the board at Universal Partners FX. We feel very lucky to have her on board, knowing that she promotes what we stand for as a company in each and every client interaction.

This level of success is already hugely impressive, but to do so in an industry which is traditionally male-dominated makes it even more so.

Gabriella is not only a great asset to us, but also a brilliant role model to young, aspiring females."


We wish Gabriella all the best in her quest to win the Women in Finance award, due to be announced on 2nd December 2021 in an online awards ceremony.

  • Universal Partners FX listed in prestigious list that previously identified brands including Revolut, Deliveroo, HelloFresh and Bulb
  • 2021 list reflective of post-pandemic world with at-home care service, digital wills and petcare app all in top ten
  • Startups on this year’s list have raised over £951 million in finance and over £696 million in revenue

The UK’s longest running index of disruptive new startups, the Startups 100, has released its 2021 lineup and Universal Partners FX has made the list.

Run by the UK’s most established website for entrepreneurs, Startups.co.uk, the Startups 100 offers a showcase of new businesses that demonstrate innovation, solid financials, economic impact, and the ability to scale. The list has previously identified brands including Revolut, Deliveroo, HelloFresh and Bulb.

Included for a second consecutive year, Universal Partners FX have continued to help businesses manage their FX risk through an extremely difficult period. By offering a more in-depth service than what is available at banks and some other brokers, they are able to tailor their strategies to each business within their base. The result is that businesses that have faced huge hits to their bottom-line were able to navigate through the worst phases of the pandemic, ensuring that fluctuating exchange rates did not add further strain on their business. In doing so, Universal Partners FX achieved record-breaking growth which finalised their transition from start-up to disrupter.

Read more here.

Managing Editor of Startups.co.uk, Richard Parris, comments: “After a particularly difficult year for businesses we are happier than ever to celebrate UK success stories. Every year the Startups 100 shows how UK businesses are responding to the issues, concerns and trends of the time. Entrepreneurs solve problems - whether that is the home care crisis being tackled by businesses like Cera and Birdie, diversity in hiring being challenged by Multiverse or the recent pet boom being capitalised on by Vet AI - you can see UK businesses innovating to meet the challenges of the time - and being very successful whilst doing it!”

About the Startups 100

Entering the Startups 100 is completely free. Established in 2008, the Startups 100 index identifies privately-owned UK companies launched in the last 5 years that demonstrate innovation, solid financials, economic impact and the ability to scale. 

As the longest running index of its kind, the prestigious Startups 100 is industry-renowned for uncovering businesses that will go on to become major brands, and even household names. It boasts alumni companies including Revolut, eve Sleep, HelloFresh, Purplebricks, LendInvest, Deliveroo, Bulb, and many more acclaimed businesses.

Today Universal Partners FX provide their semi-annual trading update.

The first half of our financial year saw fantastic results, building upon the incredible progress made at the end of 19/20.

Below are the key highlights:


  • H1 revenue increased by 32% to £1.85 million compared to £1.4 million in H1 2020.
  • Turnover increased by 21% compared to H1 2020.
  • New clients increased by 32%.
  • UPFX staff headcount has increased by 45%.
  • Implementation of new back-office systems to help meet future growth forecasts.


Click below to download the full report:

UPFX_Half_Yearly_Report_Oct_20-Mar_21.pdf (1.61 mb)





We are delighted to announce our nomination for Best International Money Transfer Provider at the Moneyfacts Consumer Awards 2021.

This is the second year running we have been nominated for this award, highlighting the client satisfaction we deliver on a consistent basis. 2020 has been a challenging year, but one of steady growth for Universal Partners FX and we are very pleased to end the year with more recognition after our 20th position ranking in the Start Ups 100, our listing by the Crown Commercial Service  and our nomination for the Money Age Awards. We hope that 2021 brings more growth and recognition, but above all, the continued satisfaction of our clients.

The winner of the award will be announced on 27th January and we are up against some of the biggest names in the industry. We'd like to congratulate our staff who combined provide the excellent service to our clients each and every day.



We are delighted to announce our nomination for Best Money Transfer Service at the Money Age Awards 2020.

With it being such a challenging but fruitful year so far for the company, we are extra proud to gain more recognition for the services we are providing within foreign exchange. This comes after our 20th position ranking in the Start Ups 100 and also our listing by the Crown Commercial Service for our special efforts to help businesses and the community during the COVID-19 outbreak.

The winner of the award - from a three-name shortlist - will be announced on 8th October at the Waldorf Hotel in London.

The recognition we are receiving is testament to our staff and the hard work they put in to ensure our clients receive the very best foreign exchange solutions. At a time of global uncertainty, expert guidance has never been more important.

To get a quote for international money transfers click here, or you can register for free here.


On 22/06/2020, Universal Partners were named in the Start Ups 100 list of disruptive UK start ups.

Entering the list at number 20, this is a fantastic achievement considering this is the first year we have entered and is yet another indication of the amazing growth of the company.

Director Oliver Carson says hard work is the key to the growth. "With turnover last year of over £900 million we know that this is not possible without the incredible work from each and every member of staff." He added that client trust was also critical in establishing such a strong foundation for the company with those who work with us "showing faith in what we do and what we can deliver".


About the Startups 100

Entering the Startups 100 is completely free. Established in 2008, the Startups 100 index identifies privately-owned UK companies launched in the last 5 years which demonstrate innovation, solid financials, economic impact and the ability to scale. 

As the only and longest running index of its kind, the prestigious Startups 100 is industry renowned for uncovering businesses that will go on to become major brands, and even household names. It boasts alumni companies including eve Sleep, HelloFresh, Purplebricks, LendInvest, Deliveroo, Bulb, and many more acclaimed businesses


How it’s ranked:

  • Finance raised
  • Turnover for the previous financial year
  • Profit for the previous year
  • Projected turnover for the next financial year


The full list for 2020 can be viewed here

In October 2021, Universal Partners FX were listed again in the 2021 list, read more here



Universal Partners FX (UPFX) is delivering foreign exchange services, at zero profit to the company, to all organisations bringing in vital COVID-19 equipment. This service is listed by The Crown Commercial Service, the official procurement body. The founders of UPFX, Dhaval Patel and Oliver Carson, introduced the extraordinary measure to give practical support during the current crisis. They are believed to be the only FX Company offering this service.

UPFX has created a special team, who prioritises COVID-19 payments. No fees are added to these transfers and it can mean extending credit limits to facilitate faster transactions.

Many UPFX clients were protected by forward contracts coming into the lockdown, meaning they had certainty over the rates they will pay during this time of high volatility. However, UPFX could see that some were struggling, and this was delaying vital supplies reaching hospitals.

Dhaval Patel, co-Founder and Director of UPFX, explained; “We could see that foreign exchange issues were slowing down the procurement process. Those delays meant that medical teams weren’t getting vital supplies in time (including PPE and hand sanitiser), which could lead to loss of life. 

In addition, with sterling rates moving over 10% in a short space of time, many UK businesses saw increased costs on imports. By forward buying, our clients saved that 10% and that value translated to more vital supplies being available to those on the front-line.”

Pai Skincare, a natural and ethical cosmetics company, created a hand sanitiser especially for coronavirus and have donated 8,000 units. UPFX converted $150,000 and EUR 170,000 for them in March.

Sarah Brown, the Founder of Pai Skincare explained; “We are a global business. There has been so much volatility in the markets with Brexit and now Covid-19. Universal Partners has kindly provided their service at cost during the Covid-19 crisis, as we are providing essential items related to Covid-19.”

JAG UFS, a logistics solutions company, has brought in 10 x 747 aircrafts carrying PPE (including 10 million face masks in each aircraft) to supply NHS Scotland & Wales.

UPFX has been forward buying on $7million for supplier payments.

Gary Wilcox, the CEO of JAG UFS commented; “UPFFX has been instrumental in the PPE deliveries, allowing us to forward buy on currency. During so much uncertainty, they have really added value to our business and to the NHS in Scotland and Wales.”

UPFX has also donated care packages to local hospitals. These include additional hygiene supplies and snacks.

UPFX is renowned for their extraordinary growth. Founded in 2017, they achieved a turnover of £113m during their first year. In 2019 their turnover had grown to £945 million with £2.8 million profit

Oliver Carson, the co-founder of UPFX concluded: “We’ve been extraordinarily successful, and it was time to give back. This virus has affected all our lives, we’re pleased to be able to play our part in the work to fight it.”

Our Directors - Oliver Carson & Dhaval Patel - address the company performance and annual accounts, the team and company culture, our relationships with clients, and giving something back at a difficult time.


Company performance

With our financial year just ending there is much to be proud of. All involved with Universal Partners FX have worked phenomenally hard to achieve fantastic financial results for the past 12 months.

Since March 2018, our revenue has grown by over 500% - and profits by 200%. The magnitude of these results is enormous and the achievement of generating revenue of £2.8 million and just over £2 million in gross profit at this stage of our growth cycle cannot be overstated.

We are delighted to announce that we have grown our client base by an astounding 55% at a time when significant reinvestment has gone into expanding the team, improving systems and creating new departments. This is a great reflection of the hard work put in by each and every member of staff.

You can find the full report here.


The team and our unbeatable culture

These results highlight the hard work from our amazing team, who are striving to be better each and every day.  From the beginning we have made it a priority to create a culture of hard-work, trust and honesty. By investing heavily in our employees and putting them at the heart of everything we do, we know that this helps create a culture that breeds success. Ultimately, all of this is done so that our clients will reap the benefits and our fantastic reviews show we are delivering on that.  Our long term goal is to be the biggest foreign exchange company in the UK, so we know that the bottom line is providing value to our clients, and we will never lose sight of that.


Thank you to our clients

In the end, nothing is possible without the unwavering trust of those who use our services. In the past 6 months we have welcomed record numbers of new clients and we'd like to take this opportunity to thank all of you for being part of our fantastic rise in the foreign exchange industry.

We are very proud to work with some incredible firms in some exciting industries. The financial results we achieved came down to large volumes being traded though us, so working with large multinationals and companies that are listed on the stock exchange provides us with the best opportunity to showcase the value we can bring.

Providing value to our clients and in some cases hearing the stories behind your FX is what we get up in the morning for. We look forward to much more of this in the future.


The road ahead

It is difficult to start making projections at this moment in time, but growth is definitely on our agenda for the year ahead. We want to continue to add top quality people to our team and anticipate that our dealing floor will expand by 50% in the coming year. This growth will be backed up by doubling the back office team, which we are investing in to support future growth of core divisions. It is truly an exciting time for the company and every one has a part to play.


Giving something back during these difficult times

Given the extreme circumstances at the moment, we appreciate that for many there is massive uncertainty. This includes businesses, but also individuals who are unwell or worried for the safety of loved ones. In these difficult times it is important that we stick together because collectively we can beat this.

With that in mind, we have guaranteed that all our staff will keep their job and measures have been taken to protect salaries.

To extend our help outside the company, we have also pledged care packages to an NHS hospital local to us, giving essential supplies to the great NHS staff who are battling day in day out to help treat people.

A small gesture, but hoping it offers some respite to those in greater need. More information on this will follow.

Once this is all behind us, we hope that Universal Partners FX continues to grow, but also that businesses, individuals and the nation as a whole can bounce back and enjoy success in the coming years.

Keep safe everyone.


Oliver Carson & Dhaval Patel

Universal Partners FX Directors