Rajesh Agrawal (born 9 June 1977) is a British Indian entrepreneur and
philanthropist who, since June 2016 has served as Deputy Mayor of
London for Business. He is best known as the founder, chairman &
former CEO of London-based commercial foreign exchange company
Agrawal was born and educated in India and earned £65 a month until a
job opportunity brought him to London in 2001.
He was featured in the
Sunday Times Rich List 2012 with a £90m
1 Early life
3 Charitable work
5 Honours and awards
7 External links
Agrawal was born in Indore, India. He attended St. Paul Higher
Indore before completing a Bachelor of Business
Master of Business Administration at the Prestige
Institute of Management and Research, Indore, affiliated to Devi
Ahilya Vishwavidyalaya. Agrawal left
Indore to work in
the age of 22 to work for 5,000
Indian rupees per month.
Agrawal founded RationalFX along with Paresh Davdra in 2005, initially
operating from a small office in
Brighton and providing foreign
exchange and wire transfer services. In its first year RationalFX
launched the UK's first online currency exchange system for private
individuals at realtime prices. The company grew very fast and Agrawal
had relocated the firm to offices in the
City of London
City of London by the end of
its first year.
In 2015 Rational FX reported a turnover of £1.3 billion and moved its
headquarters to Canary Wharf.
RationalFX were the principal shirt sponsors of Birmingham City F.C.
for season 2011-2012 and featured on
Marussia F1 cars at the 2012
Indian Grand Prix held at the
Buddh International Circuit
Buddh International Circuit 
In September 2011 RationalFX launched a new online money transfer
platform, Xendpay, with a stated aim to cut down the cost of money
transfer and bring more transparency in the market. In May 2012,
Xendpay was founded as an independent company and opened to wider
market in August 2012.
Agrawal revealed in October 2015 that, one year on, the model was
working, with 70% choosing to pay the optional fee and six percent
paying more than the recommended amount.
The Xendpay relaunch was made as a
Clinton Global Initiative
Clinton Global Initiative pledge,
with a commitment to save users £60 million over five years. The
company has been recognised by the United Nations and in the UK
parliament for its work to reduce remittance costs.
Agrawal is a supporter of a number of charities, particularly those
focused on young people, enterprise and women empowerment.
He is a patron and an enterprise fellow of The Prince's Trust, a
charity founded by
Charles, Prince of Wales
Charles, Prince of Wales to help young people start
He is a patron of Cherie Blair's charity for women empowerment, the
Cherie Blair Foundation for Women. Agrawal is also a supporter of The
Loomba Foundation, founded by
Raj Loomba, Baron Loomba
Raj Loomba, Baron Loomba which supports
widows around the world.
He is chair of the Enterprise Development Programme, run by Oxfam,
which provides loans for local businesses in the poorest parts of the
On 29 June 2016 Agrawal was appointed as
Deputy Mayor of London
Deputy Mayor of London for
Mayor of London
Mayor of London Sadiq Khan. This appointment followed his
role as an economic adviser to Khan during the London Mayoral
Election, 2016. As Deputy Mayor Agrawal is tasked with supporting
London's business community during the UK's
He also serves as chair of London and Partners, promoting London
Prior to this appointment Agrawal had been a prominent supporter of
the UK Labour Party. He was among the first businessmen to defend
Labour against accusations that the party was “anti-business”
during the 2015 UK General Election, though he was later critical
Ed Miliband for allowing the Conservative Party to define
Labour’s economic record unchallenged, for pursuing policies with
too narrow an appeal, and for losing touch with Labour’s traditional
ethnic minority supporters.
Agrawal supported Andy Burnham, serving as a business adviser during
the 2015 Labour Leadership election.
Agrawal is pro-European and has frequently spoken about the importance
of the UK remaining in the EU.
Honours and awards
In July 2008, Agrawal was elected as a Fellow of the Royal Society for
the encouragement of Arts, Manufactures & Commerce. In the same
year Agrawal was a finalist at the
KPMG Jewel Awards 2008
for Excellence in Business & Commerce category.
In 2011 Agrawal was honoured by Asian Who's Who for Asian Leadership
As Young Entrepreneur. The event was covered live by BBC News 24.
In the same year, Agrawal was presented Young
Entrepreneur of the Year
Award in the
UK Parliament by
Baroness Boothroyd at the Public &
Political Life Awards 2011.
Agrawal was named in the list of 42 under 42 Members Midlands. He
was also chosen as Director of the Month by the Institute of
Directors' official Magazine The Director.
In September 2013 he received an "Outstanding Alumnus Award" by his
alma mater, Prestige Institute of Management and Research.
^ ""How I went from zero to £358m in six years" Features
LondonlovesBusiness.com". www.londonlovesbusiness.com. Retrieved
Sunday Times Rich List 2012 The Sunday Times".
www.thesundaytimes.co.uk. Retrieved 2015-12-01.
^ Philip Salter. "Turning obstacles into business opportunities". City
AM. Retrieved 13 October 2013.
^ Graham, Natalie. "My First Million — Rajesh Agrawal". Financial
Times. ISSN 0307-1766. Retrieved 2015-12-01.
^ a b "RationalFX and Xendpay founder on the future of banks".
www.cityam.com. Retrieved 2015-12-01.
^ Shruti Tripathi. "How I went from zero to £358m in six years".
London Loves Business. Retrieved 13 October 2013.
^ "RationalFX supports Marussia F1™ Team car". Growing Business.
Retrieved 13 October 2013.
^ Pravin Palande. "Rajesh Agrawal's Company Makes Money Transfer
Inexpensive". Forbes India. Retrieved 13 October 2013.
^ Peter Smith. "Xendpay - Moving money at lower cost". Spend Matters.
Retrieved 13 October 2013.
^ "Finextra PR: Xendpay platform scraps compulsory fees for money
transfers; implements 'tip' model". Finextra Research. Retrieved
^ "(3rd meeting, Part 2) International Conference on Migration and
Development - Theme: Harnessing Migration, Remittances and Diaspora
Contributions for Financing Sustainable Development". Retrieved
^ "House of Commons Hansard Debates for 17 Dec 2014 (pt 0002)".
www.publications.parliament.uk. Retrieved 2015-12-01.
^ "The Enterprise Fellowship". The Prince's Trust. Retrieved 13
Sadiq Khan unveils deputy with brief to protect City after Brexit
vote". 2016-06-29. Retrieved 2016-06-29.
^ "From poverty in India to City Hall: Meet the Mayor's new business
tsar". Evening Standard. 2016-10-07. Retrieved 2016-10-11.
^ "An outward looking Labour Party..." www.asian-voice.com. Retrieved
^ Founder, Rajesh Agrawal. "If Ed Balls needs a businessman's support,
I'm in". the Guardian. Retrieved 2015-11-30.
^ Agrawal, Rajesh. "How Labour lost the business vote Rajesh
Agrawal". the Guardian. Retrieved 2015-11-30.
^ "Unity, wider appeal and open for business: It has to be Burnham".
Andy Burnham for Labour Leader. Retrieved 2015-11-30.
^ rationalfx (27 December 2012). "
Rajesh Agrawal on Channel4 News in a
debate about UK's EU membership ahead of the new EU budget" – via
^ "Borehamwood business man an "inspiration" to others". Borehamwood
^ Suruchi Sharma (25 November 2011). "Harrow businessman wins young
entrepreneur of the year at Asian Who's Who Awards". This is Local
London. Retrieved 13 October 2013.
^ "Rajesh Agrawal, Founder & CEO of RationalFX and Xendpay.com,
Entrepreneur of the Year Award at Political & Public
Life Awards - RFX".
^ "42 under forty two". Insider Media. Retrieved 13 October
^ Richard Dunnett (July 2012). "Director of the Month". Retrieved 13
^ "Students must opt for inventive bsuiness ideas; Experts". The Times
of India. 14 September 2013. Retrieved 13 October 2013.