Equals Group, a UK fintech payments outfit focused on the SME marketplace, is moving into Europe through the £4.1 million acquisition of Belgium-based Oonex.
Founded in 2012, Oonex is a full-service payments institution licensed in Belgium providing card acquiring services and is also a Mastercard principal member allowing it to issue debit cards across the EEA.
Equals says it will use Oonex's fully passported license to roll out its payments, expense management and current account products throughout the EEA. it will also provide its BaaS and embedded finance products to larger corporates and other European financial institutions.
Ian Strafford-Taylor, CEO, Equals, says: “The expansion into Europe aligns with the Equals Group’s broader growth strategy, aimed at increasing our global footprint and strengthening our position as a leading payments technology company.
“We believe that this move will enable us to tap into new markets, expand our customer base, and generate incremental revenue streams.”
Equals will acquire the entire issued share capital Oonex for a total of up to £4.1 million, including the assumption of £3.5 million of net liabilities and expects to provide additional working capital of up to £700,000 between exchange and completion. The acquisition of Oonex is subject to regulatory approval from the National Bank of Belgium.
The deal follows November's £2.25 million acquisition by Equals group of open banking platform Roqqett.
The acquisition is subject to regulatory approval from the National Bank of Belgium.
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