We have advised the shareholders of CardOne, the Chester-based provider of pre-paid cards and online banking platforms, on a sale to FairFX Group plc, a leading online international payment services provider, for £15m.
CardOne provides current accounts for both individuals and SMEs, and has around 80,000 accounts. To date, it has processed around £3bn of customers’ money. In 2016 it had a revenue of £5.5m with gross profits of £3.9m and a net profit of £800,000.
Following the deal, FairFX Group expects to retain CardOne’s existing management, as well as its brand.
FairFX CEO, Ian Strafford-Taylor, commented: “The acquisition of CardOne is a major step forward for FairFX as the Group looks to broaden its offering and build a digital banking services company. To date, FairFX has been successful in disrupting the currency payments market by offering its customers a much better service and value. CardOne has done much the same in the banking space, but together we believe we can provide a more holistic service which will deliver greater services and faster growth.”
The Gateley team was led by Corporate Partner, Charles Glaskie, supported by Solicitor Katie Porter.