UK paytech Equals Group eyes European expansion with Oonex acquisition
UK-based paytech Equals Group has acquired payment services provider Oonex for £4.1 million as it looks to expand across Europe.
Equals Group buys Oonex for £4.1m
Founded in 2012 and licenced in Belgium, Oonex helps fintech companies and neobanks access international payment products as well as licencing, technology and legal services.
With the acquisition, which is subject to regulatory approvals, Equals Group plans to roll out its business payments, expense management and current account products throughout Europe using Oonex’s fully passported licence.
Equals Group also plans on offering its Banking-as-a-Service (BaaS) and embedded finance products to large corporates and financial institutions across the continent.
Ian Strafford-Taylor, CEO of Equals Group, says: “We believe that this move will enable us to tap into new markets, expand our customer base, and generate incremental revenue streams.”
The UK firm claims to have seen a 54% growth in its business over the last year, reaching £20.2 million in revenue in Q1 2023, up from £13.2 million in Q1 2022. In November, it acquired open banking payments platform Roqqett for £2.25 million.
