Equals Group, a payments company in the UK that focuses on small and medium-sized businesses (SME), is expanding into Europe by buying Belgium-based Oonex for £4.1 million.
Oonex was started in 2012 and is a full-service payments institution licensed in Belgium. It offers card acquiring services and is also a Mastercard principal member, which lets it give out 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 all over the EEA. It will also sell its BaaS and embedded finance products to bigger businesses and other financial institutions in Europe.
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 buy all of Oonex’s issued shares for up to £4.1 million, which includes taking on £3.5 million in net liabilities. Between the exchange and completion, Equals plans to provide up to £700,000 in additional working capital. The National Bank of Belgium must agree to the purchase of Oonex before it can happen.
The deal comes after the Equals group bought the open banking platform Roqqett in November for $2.25 million.
The deal will go through if the National Bank of Belgium gives its approval.
