FXPress agrees acquisition of Avila House
FXPress Payment Services has entered an agreement to acquire electronic money institution Avila House.
The deal would enable FXPress customers licensed access to receive and hold client funds in multi-currency accounts.
FXPress operates a proprietary cloud-based foreign exchange and payments platform. Its customers, mainly small and medium-enterprises (SMEs) can connect between corporate accounting systems and bank accounts.
The firm claims to process £600 million worth of foreign exchange transactions per year.
FXPress says its acquisition allows it to expand its product and service offering. It can offer access to accounts where clients can deposit and retain funds for future use.
Through Avila House, its customers gain access to multi-currency accounts with individual IBAN numbers.
The acquisition of Avila House is to be settled in part cash and part shares. Completion of the purchase is subject to Financial Conduct Authority approval.
“The acquisition of Avila House expands our product and service offering to provide simple, easy to access, efficient and integrated payment services to our SME clients,” says Jason Conibear, CEO of FXPress.
“Now, our clients can have the account their business needs, in the currency they want.”