FXPress Payment Services, the payment services company, has entered an agreement to acquire Avila House, a licensed small electronic money institution, subject to receiving appropriate regulatory approvals.
The deal will provide FXPress customers licensed access to receive and hold client funds in multi-currency accounts, allowing the company to further expand its offering with new products and services.
Through the deal, FXPress hopes to expand its product and service offering and to provide access to accounts where clients can deposit and retain funds for future use. FXPress currently processes £600m worth of foreign exchange transactions per year, the majority of these are specific payments.
The acquisition of Avila House is to be settled in part cash and part shares. Completion of the purchase is subject to approval by the Financial Conduct Authority, which is expected in the coming weeks.
“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,” said Jason Conibear, CEO of FXPress.
“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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