FAIRFX Group PLC Update re. Acquisition of CardOne (8391O)
24 August 2017 - 4:00PM
UK Regulatory
TIDMFFX
RNS Number : 8391O
FAIRFX Group PLC
24 August 2017
24 August 2017
FairFX Group Plc
("FairFX" or the "Company")
Update re. Acquisition of CardOne
Further to its announcement on 8 August 2017 regarding FairFX's
conditional acquisition of CardOne, the Company announces that the
FCA has now consented to the acquisition by FairFX of a Qualifying
Holding (as defined in Payment Services Regulations 2009) in
CardOne as a result of completion of the proposed Acquisition, in
connection with the Payment Services Regulations 2009. This
Acquisition remains conditional on, inter alia, the passing of the
Resolutions at the General Meeting to be held later today.
The Company will provide a further update on the Fundraising and
Acquisition following the General Meeting.
Unless otherwise defined, capitalised terms within this
announcement have the same meaning as those within the
'Definitions' section of the Company's announcement dated 8 August
2017 under RNS Number 3396N.
Enquiries:
FairFX Group Plc
Ian Strafford-Taylor,
CEO +44 (0) 20 7778 9308
Cenkos Securities plc
Max Hartley/Callum Davidson +44 (0) 20 7397 8925
Yellow Jersey PR
Charles Goodwin
Abena Affum +44 (0) 7747 788 221
About FairFX
FairFX is an online international payment services provider,
first established in the UK in 2007. The Company has developed a
cloud-based peer-to-peer payments platform that enables personal
and business customers to make easy, low-cost multi-currency
payments in a broad range of currencies and across a range of
products all via one integrated system. The FairFX platform
facilitates payments either direct to Bank Accounts or, via its
prepaid cards, at over 35 million merchants and over 1 million ATMs
worldwide. The platform operates on desktop, mobile responsive
website or app and as such is accessible across a wide range of
users.
FairFX operates within the rapidly growing online multi-currency
payments market and provides transactional services to both
personal and business customers through four channels being
Currency Cards, Physical Currency, online and telephone. The
Currency Card and Physical Currency offerings facilitate multiple
overseas payments at points of sale and ATMs whereas the online and
telephone products support wire transfer foreign exchange
transactions direct to Bank Accounts.
For Corporates, FairFX has a business-expenses solution based
around its corporate prepaid card allied to a platform designed to
allow a corporate to better control expenses and improve
transparency whilst removing administrative burdens from staff. The
corporate offering also covers UK domestic expense management and
as such is a solution for all companies, not just those with
overseas travel.
In addition, FairFX has entered into a number of "white-label"
arrangements for the use of its P2P matching platform. Customers
include easyjet and ThinkMoney. FairFX has also partnered with
Concur Technologies, Inc. a leading provider of integrated travel
and expense management solutions with over 25 million users
globally. Such relationships provide strong support for FairFX's
customer acquisition strategy.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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