FairFX announces acquisition of CardOne for potential £15m

FairFX Group (FFX), an international payment services provider online, has announced today (August 8) its proposal for the acquisition of CardOne for a potential £15m.

Along with this, it aims to raise £25m approximately in fees and expenses by the issue and allotment by the company. FFX was first established in the UK in 2007, where it has developed a cloud-based peer-to-peer payments platform enabling customers to make easy multi-currency payments in numerous currencies of their choice.

The company is providing all qualifying shareholders of this acquisition with the opportunity to subscribe at the issue price for an aggregate of up to 1.7m in shares, to raise approximately £1m.

The company’s CEO, Ian Strafford-Taylor, said: “The acquisition of CardOne is a major step forward for FairFX as the group looks to broaden its offering and build a digital banking services company.

“To date, FairFX has been successful in disrupting the currency payments market by offering its customers better service and value. CardOne has done much the same in the banking sense, and together we believe we can provide a product which will deliver faster growth.”

CardOne is an independent, FCA-approved company that has been providing customers with current accounts and payment systems for 10 years. It provides such accounts for individual customers as well as small businesses. As of March 31, 2017, it reported gross assets of £1.9m.

With this acquisition, FFX will be provided with significant growth in the business sector with proceeds to accelerate the development of IT services, marketing spend and international expansion.