Fintech company FXPress Payment Services Limited announced this Tuesday that it has entered into an agreement to acquire Avila House Limited, subject to regulatory approval.
Avila House is a licensed Small Electronic Money Institutional. Under the agreement announced today, FXPress customers will be able to receive and hold client funds in multi-currency accounts.
The deal between FXPress and Avila House will be settled in part cash and part shares. The transaction is subject to approval by the (FCA), which is expected in the coming weeks.
FXPress to provide individual IBAN numbers
The acquisition will allow the fintech payments company the ability to expand its offering by adding new products and services. In particular, it will be able to provide access to accounts where clients are able to both deposit and retain funds for future use. This will be achieved by providing individual IBAN numbers to manage cash and optimise forex payments.
FXPress is a foreign exchange (forex) specialist. The company’s proprietary payment services platform, which has been designed to take advantage of the Open Banking Initiative (OBI) can integrate into corporate accounting systems and bank accounts with the purpose of optimising transactions.
Currently, the payments company processes £600 million worth of foreign exchange transactions per year. According to the statement published today, the majority of these transactions are specific payments.
Commenting on the acquisition, Jason Conibear, the Chief Executive Officer of FXPress, said in the statement: “The acquisition of Avila House expands our product and service offering to provide simple, easy to access, efficient and integrated payment services to our SME clients.
“Now, our clients can have the account their business needs, in the currency they want. This is an exciting step as we build out our modular, highly scalable platform to achieve our goal of making international finance simpler, cheaper and easier to access for all businesses.”
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