Payment Cloud Technologies and Tuxedo Money Solutions have merged to create Omnio Group, a cloud-based banking and payments platform.
The merger deal has been valued at €70m structured and is being negotiated by EDC Advisors.
Omnio will be led by Payment Cloud Technologies CEO Ian Clowes and shall operate across the UK, Europe and Australia. With the combined resources, the company will be able to hace enough scale and international reach to compete in an ‘expanding global digital banking market.’
Through the transaction, banking inclusion company The Change Account and airline compensation specialist Travel Welfare will come under the Omnio banner.
Omnio offers a digital banking platform to help banks and non-banks provide their customers with a variety of banking and payment capabilities.
The company is regulated across UK, Europe and Australia and is a member of MasterCard and Visa. Omnio helps to process more than €1bn annually, and manages over two million accounts with balances of €100m and aids 300 banking and payment programs, according to the company.
Omnio Group CEO, Ian Clowes said, “We will continue to focus on delivering digital cloud-based banking and payment platforms that radically disrupt the financial services market, allowing both established players and new entrants to embrace the digital revolution in financial services.”
Earlier in the month, Global Payments acquired healthcare billing platform AdvancedMD from Marlin Equity Partners in a deal worth $700m.
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