International fintech specialists Payment Cloud Technologies and Tuxedo Money Solutions have merged to Omnio Group, a market leading provider of cloud-based banking and payment services, in a deal valued at €70m structured and negotiated by EDC Advisors Limited.
The new group - led by Ian Clowes, who has been appointed Group CEO - will operate across the UK, Europe and Australia, with the combined resources of the merged companies providing the scale and international reach required to compete in an expanding global digital banking market.
The deal also brings The Change Account Limited, a leading banking inclusion company, and Travel Welfare, the airline compensation specialist into Omnio Group.
Omnio’s award-winning digital banking platform supports rapid market entry and agile product development through an omni-channel approach that supports all digital portals and customer touch points. Omnio Group will continue to invest in cloud-based fintech, providing the group with a broad range of leading banking and payment capabilities focused on the banking, retail, airline and corporate payments markets. The company’s international blue chip client base includes: An Post; Unisys; Ghana International Bank; Fair FX; STA; easyJet; TUI; Thomas Cook; Qantas and 7/11.
“We are really excited to bring together two of the leading companies in the banking and payments market,” said Omnio Group CEO, Ian Clowes. “By combining our capabilities, we not only have the scale to compete globally - we can also leverage our technology investments to offer new solutions and products.”
Omnio is regulated in the UK, Europe and Australia, as well as being a principal member of MasterCard and Visa. The group processes payments worth in excess of €1bn annually, manages more than two million active accounts with balances of €100m and supports more than 300 banking & payment programmes worldwide.
Ian Clowes added that the deal has been warmly welcomed by the industry and all of the new company’s clients and partners. “We will continue to focus on delivering digital cloud-based banking and payment platforms that radically disrupt the financial services market, allowing both established players and new entrants to embrace the digital revolution in financial services.
Other key appointments joining Ian Clowes on the new Omnio Group board include: Chairman, Scott Lanphere representing EDC Advisors; and Michael Peplow, who becomes Chief Operating Officer & Director. This completes a highly capable management team with a proven track record in leading and growing successful banking and payments businesses.