Jack Horton has big plans for Whites, a technology-fuelled business providing foreign exchange services to clients ranging from big businesses to farmers. He explains how he turned a market niche into a £100 million-plus turnover in just three years.

How did you get into this business?

I moved to London and managed to get a job in a top tier investment bank. Having worked in investment banking, I saw an opportunity and niche market area. From this, I decided to form Whites Technology Group with a view to supply customers with a service they were not getting by their current supplier.

Why did you think there was a need for a business like this?

We saw a gap in the market and we took it. We looked into both the investment and payments sectors and noticed how much business could be done between the two - no one had really set out to capitalise on that. We decided it was down to us to take the leap and fill the grey area between the two sectors.

How did you start it and establish a toe-hold so quickly?

It started when I met my business partner, who gave us the start-up capital and experience to start the business. Once we had everything in place, I used my contacts to acquire clients which has helped us grow to the business it is today.

"Our biggest mistake was not employing skilled staff straight away"

What is the forex industry like for start-ups, how much battling did you need to do?

For start-ups, the biggest hurdle is finding the correct partners to work with, whether it be banking or liquidity. We have seen huge changes in the forex industry over the last couple of years, so we’ve had to be ready to evolve with these changes and be ahead of the game. It is a very difficult market to gain a foot hold, it is important to find your USP.

What do you do that is better than other forex firms?

Our business model is not to necessarily be better than other forex firms, but we aim to provide a unique service that is the best in that sector. We have found a niche and based our business around their needs, to supply them with the best products and services in the forex community.

Do you save clients money?

We save clients’ money by helping them make their back office more efficient. If clients outsource their payments, reconciliation, KYC and AML to us, it saves them staff costs and allows them to concentrate on making their own product better.

Have you made any mistakes and if so how did you overcome them?

Probably our biggest mistake was not employing skilled staff straight away and realising that you pay for what you get when it comes to it. They may add a cost in the first instance but they will make you money in the long run.

What is your best tip for new businesses with ambition to grow?

I would say keep challenging yourself to improve. Technology is changing the world we live in every day. In order to stay relevant, it is important to innovate, regardless of your industry, as well as maintaining a strong desire to improve.

I believe that you’re either moving forward or you are becoming obsolete. At Whites, we are constantly looking at our way of doing things and looking for ways to improve our end product, improve our client relationships, and become more efficient at what we do, which ultimately drives greater profitability.

How important is transparency in this industry, and is/was this a problem?

Transparency has always been a notorious problem in this industry. One of our primary goals when we started Whites Technology Group was to address this transparency issue – it is at the very core of our company ethos.

We are soon to launch our newly developed proprietary technology product which will revolutionise the FX market by giving complete transparency to customers making international payments. It will allow them to take action and get real savings.

Jack Horton says the forex industry is ripe for change, starting with transparency

Is this an industry ripe for a shake up?

Yes, definitely. The shake-up has already started, and I think over the next 24 months we will see a massive change in the way payments are made. The combination of technological advances and a massive change of attitude in larger corporations has led to much more support for the development of new, innovative products. We’re very excited to see these changes take place.

What’s the biggest challenge you have faced so far?

Finding the right banking partner to fit our business and what we are trying to achieve has been difficult. We needed to find someone that could see our vision – it was hard at the beginning, but once achieved, it was a lot easier for us to function together.

How much scope has this business to grow and what are your plans for it?

There is massive potential for growth in Whites, as we have focused on a largely untapped market. We are also the process of developing proprietary technology products, due to be unveiled later this year. Further to this, in December 2014, we opened a Singapore Office to gain a foot-hold in Asia.

Despite only opening this office at the end of last year, we have already forged some fantastic partnerships. Developing these connections will expedite our growth to run alongside our UK business. We’re looking forward to what 2015 has in store for Whites Technology Group.