The Neonomics Group, has completed the acquisition of Ordo, an open banking payments and data service provider based in the United Kingdom.
Founded by the former management team of the UK Faster Payments scheme, Ordo is an FCA authorised open banking payments innovator and one of the very first to be licensed as such in the UK. Ordo delivers a wide range of payments and data services including variable recurring payments and is an official crown services supplier.
Financial Technology News: OKX Is the First Global Exchange to Receive MiCA Pre-Authorization
The UK and EU are witnessing a surge in account-to-account payments adoption
Collaborations enhance interoperability and security across borders, and with the upcoming release of the Payments Services Regulation (PSR) in combination with the third Payment Services Directive (PSD3), this shift to more cost efficient, legacy-free payments and data services will only continue to grow.
Ordo, a fintech with a depth of payments knowledge and experience
Founded by the award-winning team responsible for opening up access to Faster Payments, the team at Ordo has played a central role in shaping the UK’s Open Banking market. It remains at the heart of regulatory development today, pushing boundaries in the work now being led by the FCA. Having successfully delivered low cost instant single payments and fully hosted and managed Variable Recurring Payments, Ordo is demonstrably striving for a better deal for UK businesses and consumers.
Fliss Berridge co-founder and Managing Director of Ordo stated: “We are proud to join forces with one of the most well positioned independent open banking providers in Europe, to jointly scale our offering to both existing and new customers across the UK and Europe. The two teams bring a wealth of experience in developing tailored solutions in a complex and highly regulated environment at what we believe will be among the industry’s most competitive commercial terms.”
Financial Technology News: Trumid Appoints Industry Leader Ryan Gwin as Head of Data Solution
Strategic Rationale
Neonomics was seeking a strategic partner to further accelerate its growth and expand its ability to offer services in the UK and beyond. With this acquisition, both Neonomics and Ordo can exploit existing synergies to satisfy business needs. Ordo’s strong UK payment propositions, including fully functioning unrestricted Variable Recurring Payments (VRP) capability, together with the knowledgeable team behind it, made them ideal partners for Neonomics and their vision for a more open and connected economy.
Christoffer Andvig founder and CEO of Neonomics, stated: “The team at Ordo represents some of the most experienced payments experts in the UK, having a leading voice across many of the most important forums that span the UK and EU in shaping how open banking will evolve. This acquisition strengthens our commercialization strategy and time to market while expanding our product offering.”
Key items of the transaction
Fintech Innovation AS, the parent company of Neonomics AS, has acquired 100% ownership of UK FCA authorised fintech, The Smart Request Company Limited Ltd, trading as Ordo. The transaction is fully approved by both the UK FCA and Norwegian FSA.
Financial Technology News: Deepcoin Integrate With Korean Fiat Currency Exchange
Source –Neonomics
To share your insights with the FinTech Newsroom, please write to us at news@intentamplify.com
