Gateley Corporate team advises on £15m sale of CardOne - Deal alerts - Gateley
Deal alert

Gateley Corporate team advises on £15m sale of CardOne

Gateley Legal

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.

SubscribeHide

Forward thinking insight

Direct to your email inbox

Subscribe now