Ordo Acquired: Nordic Firm Neonomics Takes Over UK Open Banking Innovator
Funding | Jan 23, 2025 | Business Cloud
Ordo, a prominent UK-based open banking payments provider and regular feature on the FinTech 50 list, has been completely acquired by Neonomics, a Nordic company. Ordo, founded by the former management team of the UK Faster Payments scheme and authorized by the FCA, offers a myriad of payment and data services, including variable recurring payments and crown services supply. This strategic acquisition by Fintech Innovation AS, the parent company of Neonomics, has received complete approval from financial regulators in the UK and Norway. The acquisition signals a significant step for Neonomics, headquartered in Oslo and actively operating in London, Stockholm, and Helsinki, towards enhancing its service capabilities in the UK and across Europe. Christoffer Andvig, founder and CEO of Neonomics, emphasized that this acquisition bolsters their commercialization strategy and expedites market reach, while enriching their product offerings. The combined knowledge from Neonomics and Ordo positions them strongly amidst the competitive open banking sector.
Sectors
- Financial Technology (FinTech)
- Open Banking
Geography
- United Kingdom – Ordo, the target company, is based in the UK. It is also a critical market for Neonomics as they expand their service offerings in the region.
- Norway – Neonomics, the acquiring company, is headquartered in Oslo, Norway. The transaction has regulatory approval from Norway's financial authorities.
- Europe – Both Ordo and Neonomics are expanding their reach across Europe, indicating a broader geographical focus beyond their home countries.
Industry
- Financial Technology (FinTech) – The article involves Ordo, a UK-based open banking payments provider, and Neonomics, a Nordic company specializing in similar FinTech services. This aligns with the broad FinTech space focused on innovation in financial services.
- Open Banking – The core focus of the acquisition involves enhancing open banking capabilities, where Ordo plays a significant role. This sector involves offering diverse financial services through enhanced interoperability and transparency.
Financials
- 100% – Neonomics acquired 100% ownership of Ordo.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ordo | Target Company | Company | UK-based open banking payments provider, authorized by the FCA and a crown services supplier. |
| Neonomics | Bidding Company | Company | Nordic FinTech company acquiring Ordo to expand its presence in the UK and Europe. |
| Fintech Innovation AS | Parent Company of Neonomics | Company | The parent company of Neonomics AS that has acquired 100% ownership of Ordo. |
| Financial Conduct Authority (FCA) | Regulatory Authority | Government | The UK regulatory body that authorized Ordo as a payments provider. |
| Christoffer Andvig | CEO | Person | Founder and CEO of Neonomics, overseeing the company's expansion. |
| Fliss Berridge | Co-founder and Managing Director | Person | Co-founder and Managing Director of Ordo, responsible for strategic initiatives. |