Equals Group (AIM:EQLS), a London, UK-based fintech payments group focused on the SME marketplace, acquired Roqqett, a Bath, UK-based AISP and PISP company.
The amount of the deal was up to £2.25M.
With the acquisition, Equals Group will take part in the full payment lifecycle for its Corporate and Enterprise customers by adding the B2B2B/C leg to the ultimate consumer.
Founded by Glenn Smith (CEO), Roqqett is authorised by the FCA as both an AISP (Account Information Service Provider) and PISP (Payment Initiation Service Provider), two licences that Equals currently does not hold. These licences allow the company to perform a suite of open banking services, namely, to take payments and access financial data. As such, Roqqett intends to change the traditional methodology of consumers paying merchants, both in person and online, via debit and credit cards.
Led by CEO Ian Strafford-Taylor, Equal Group is a technology-led international payments group augmented by personalised service for the payment needs of SME’s whether these be FX, card payments or via Faster Payments. The Group – listed on AIM in 2014 – currently employs around 285 staff across sites in London and Chester.
The Equals infrastructure, incorporating the own-name IBAN capabilities and direct connection to Faster Payments, will enhance the Roqqett proposition on a stand-alone basis. The platform can be sold to merchants as a complete end-to-end solution encompassing the ability to process refunds automatically, a service not typically provided by ‘standard’ open banking integrations with third party bank accounts.
FinSMEs
29/11/2022