Multicurrency payments service FairFX has agreed to acquire digital business banking firm Q Money and its associated e-money licence. 

FairFX said that the acquired e-money licence will open up the possibility of it becoming an issuing bank for its cards and would allow it to internalise parts of its supply chain, ultimately reducing its cost base.

The initial consideration payable for the acquisition is £425,000, comprising £110,000 in cash and 724,136 shares in the company at an issue price of 43.50 pence apiece.

Subject to the achievement of certain performance milestones, a further consideration of up to £825,000 may be payable to Q Money over the next three years, FairFX said.

Also, Q Money founder Tony Quirke has been named CFO of FairFX as part of the acquisition.  

Commenting on the deal, FairFX CEO Ian Strafford-Taylor said: "The acquisition of Q Money is an important strategic step for FairFX. The e-money licence will allow us to rationalise our supply chain, thereby reducing costs, but more importantly it widens our horizons in terms of the products and services we can provide to our customers and the speed at which we can deploy them.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We can also internalise transactions within the FairFX ecosystem allowing FairFX customers to transact with each other in a far more efficient and cost-effective manner.”

The vendors of Q Money will retain an aggregate 20% economic interest in Q Money entitling them to 20% of any dividends paid by Q Money to the group and/or 20% of any sale proceeds of Q Money should it be sold.