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Thursday 15 October 2020

Equals expands B2B payments via EFX deal

EqualsAIM-listed, Equals plc, has agreed to acquire the cross-border payments book of Effective FX (EFX) for just under £1.6m. As a result of the deal, Amir Mehrad, the CEO and founder of EFX will join Equals to help further develop the challenger’s B2B operations.

EFX, was incorporated in 2012 and has an international payments business that of consists of around 200 corporate clients across a range of industries. The deal will see equals acquire the EFX client book which is projected to be worth around £2.6m in revenue (over three years).

Operating under an e-money licence, Equals provides international payments, corporate expenses, current accounts, credit facilities, currency cards and travel cash. Via its subsidiary, Spectrum Payment Services, credit services and real-time settlement and is a member of the UK Faster Payments Scheme.

The Equals Connect B2B payments business has enjoyed encouraging growth of late, having added 12 new white-label partners so far during 2020, with others in the pipeline. Meanwhile, turnover through the platform has increased 64% both via new clients and expanding volumes.

Equals has previously declared its ambition to expand its footprint within international B2B payments, both organically and via targeted acquisition. There is currently ongoing consolidation in the cross-border payments space and this trend is likely to accelerate in light of the negative impact of the coronavirus on transaction volumes (see: ...Prospects for a Post-Covid World).

Posted by: Jon C Davies

Tags: payments   M&A  

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