Contis gets UK consumer credit licence with Paze acquisition
Contis has got itself a UK consumer credit licence following its acquisition of Paze Finance.
Financial details were not disclosed
According to Contis, the licence will mean its B2B platform clients can offer credit to their customers alongside core banking functionality.
The firm has also acquired Paze’s full suite of technology, including a consumer lending system with artificial intelligence (AI) analytics to make real-time affordability decisions.
Peter Cox, executive chairman and founder of Contis, says it “now boasts a full range of licences and pan-European banking capabilities” and “we have the ability to power start-ups, helping them challenge the status quo and become major players in the wider banking and payments ecosystem”.
Financial details about the acquisition or any potential staff redundancies were not disclosed.
Founded in 2008, Contis’ platform manages both bank and Visa payments. It has offices in the UK, Europe and India providing modular banking solutions to third parties.
In our PayTech Awards 2018, Contis and Wirex were the winners of the Best Paytech Partnership.
The Banking Technology Awards 2018 are still open to entries! Click here to apply.
