Norwegian open banking company Neonomics Group has finalised the acquisition of Ordo, a UK-based provider of open banking payment and data services.
The terms of the transaction remain undisclosed.
Ordo, founded by the former management team of the UK Faster Payments scheme, is authorised by the Financial Conduct Authority (FCA) and was among the first companies licensed in the UK as an open banking payments provider.
The firm offers various payment and data services, including variable recurring payments (VRP), and is an official Crown Commercial Service supplier.
Neonomics founder and CEO Christoffer Andvig said: “The team at Ordo represents some of the most experienced payments experts in the UK, having a leading voice across many of the most important forums that span the UK and EU in shaping how open banking will evolve.
“This acquisition strengthens our commercialisation strategy and time to market while expanding our product offering.”
Neonomics has stated that the acquisition aligns with its strategic objective to accelerate growth and expand its service offerings in the UK and internationally.
The deal enables both companies to leverage their complementary capabilities. Ordo’s expertise in the UK market, particularly its unrestricted VRP solutions, alongside its experienced team, supports Neonomics’ vision of fostering a more open and connected economy.
The acquisition has received regulatory approval from the UK FCA and the Norwegian Financial Supervisory Authority (FSA), allowing both entities to move forward with their shared objectives.
Ordo co-founder and managing director Fliss Berridge said: “We are proud to join forces with one of the most well positioned independent open banking providers in Europe, to jointly scale our offering to both existing and new customers across the UK and Europe.
“The two teams bring a wealth of experience in developing tailored solutions in a complex and highly regulated environment at what we believe will be among the industry’s most competitive commercial terms.”
In November 2022, Worldline entered a commercial partnership with Neonomics to bolster open banking services across Europe.
Through this collaboration, Worldline will extend its account-to-account payment and data aggregation capabilities into the Nordic region, covering Norway, Sweden, Denmark, and Finland, leveraging Neonomics’ infrastructure.
