FAIRFX Group PLC Update re. Acquisition of CardOne (8391O)

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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                            [phone] 
 Cenkos Securities plc 
  Max Hartley/Callum Davidson    [phone] 
 Yellow Jersey PR 
  Charles Goodwin 
  Abena Affum                    [phone] 
 

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

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August 24, 2017 02:00 ET (06:00 GMT)