In this Fathers Day edition of People of Privalgo, we catch up with father of 4 and Privalgo’s tech guru, Founder and Director Richard Chunn.
You in two lines
I started as a communications engineer for Lloyds TSB Securities Services (LTSS) before moving into an IT Management role in the City for an FX broker, and that’s where I met fellow Privalgo founder Stewart Blake.
I became an original founding partner of a competitor GRG (originally CorporateFX) and that’s where I developed from a hands-on techie approach to leadership and strategic role over my 16-year tenure. It’s also the place where I met all of the other founding fathers of Privalgo: Dan, Zeb and Matt. I became well versed in the technical world of FX and international payments as well as leading large tech teams on transformational business-critical projects, including sale and acquisition. Founding and launching Privalgo in 2018 was the next step.
All the founders shared a vision of wanting to create a new type of international payments business. We wanted to give people something that didn’t exist before – a way to transfer currencies via the latest technology, coupled with great service and complete transparency. We recognised that the foreign exchange market gave you a service-led offering or a digital-led one, but not both – and we knew that wasn’t enough. So we founded Privalgo!
My role is wide and varied. Predominantly tech-focused but crossing all other areas of the business to compliment my position as a board representative and shareholder. I work with talented people and we have a collective drive and ambition that has already seen us accomplish great things and will no doubt continue to push us forward in the same vein. As the business continues to grow my role will become less hands-on and focus on strategy and leadership, as well as new technologies/rev opportunities and oversight for operational efficiencies that ultimately support our goal of becoming synonymous with currency transfers!
Emphasis on tech
There is a clear gap in the market that rests between high-volume automated fintech businesses, traditional banks and FX firms. We set out to combine leading-edge technology with world-class service to deliver a compelling and unique proposition. We invested in tech because it allows us to provide the cornerstones of our client ethos which is complete transparency and security. Further investment in these technologies will see a new era for the international payments sector and a community of Privalgo supporters emerge.
From the five of us moving into the empty office in Eastcheap early last year to transacting over £1 billion a year later, it’s an amazing achievement. We’re proud of what we’ve created at Privalgo. We made currency transfers simple, but our work here is far from done, it’s only just begun.
Away from Eastcheap
I love tech, security, the cloud and gadgets, I also love cars and anything with an engine. And my wife and four kids keep me busy. Any spare time is spent carp fishing on my boat.