The acquisition will allow leading payments group to provide payments, expense management and Banking-as-a-service products to the European market.
27th March 2023, London – Today, Equals Group Plc announces its expansion into Europe, via the acquisition (subject to regulatory approval) of Oonex SA, a full-service payments institution licensed in Belgium, for a total of £4.1 million.
Oonex provides global payment services to payment and fintech companies, including the licensing, technology and legal services to support their vision. Oonex is a Principal Member of Mastercard and provides access to Visa, Mastercard, Amex JCB and Carte Bancaire acquiring as an ISO.
With a GDP of over €14 trillion and a population of more than 700 million, Europe is one of the world’s largest markets for the payments industry and presents a significant growth opportunity for the Equals Group .
According to recent reports by Mordor Intelligence, the European payments market is expected to grow at a CAGR of 15.83% over the forecast period (2022 – 2027), projected to grow at a CAGR of 7.8% from 2021 to 2026. The region’s increasing adoption of digital payments and e-commerce has created a high demand for secure and efficient payment solutions, which Equals is well-equipped to provide.
Equals intends to roll out its business payments, expense management and current account products throughout the EEA using Oonex’s fully passported licence. In addition it will provide its Banking-as-a-Service (BaaS) and Embedded Finance products to larger corporates and other European financial institutions. The product will be fully integrated with its UK and US offerings allowing access to the three large markets through a single product.
The announcement comes as Q1 trading updates show that revenue in Q1-2023 up to 24 March 2023 reached £20.2 million, growing from £13.2 million in the same period in 2022, an increase of 54%, demonstrating continued rapid growth of the company. Ian Strafford-Taylor, Chief Executive Officer of the Equals Group, 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.”
James Simcox, Chief Product Officer of the Equals Group, says: “We have made a significant investment in our technology and payment platform over the last few years which will allow us to rapidly deploy new products into the European market and we are confident that we can meet the diverse needs of businesses across the continent. We look forward to working with our European partners and building long-term relationships that drive mutual growth and success.”
Matthijs Boon, Chief Operating Officer of Equals Group, says: “This move supports our vision to become a leading player in the global payments industry, and underscores our commitment to delivering innovative and secure payment solutions to businesses of all sizes. We are excited to work with our European partners and leverage our expertise to help them streamline their payment processes.”
Fabien Boursin, Executive Director and Founder of Oonex, said: “The team at Oonex is very excited to be joining the Equals Group. We have worked hard over the last nine years to build up an enviable licensing portfolio and we now look forward to delivering on the opportunity of driving the business forward with the technology, know-how and customer base of the wider Equals group.”