- Neonomics has acquired UK-based payments and data provider Ordo to expand its services in the UK and beyond.
- Specifically, Neonomics will leverage Ordo’s expertise in Variable Recurring Payments (VRP) and pay-by-bank tools.
- The acquisition has been approved by the UK Financial Conduct Authority and Financial Supervisory Authority of Norway.
Norway-based open banking innovator Neonomics has offered its payments and financial data solutions since 2017. This week, the company purchased Ordo, a UK-based open banking payments and data service provider.
Financial terms of the agreement, which was approved by both the UK Financial Conduct Authority and the Financial Supervisory Authority of Norway, were not disclosed.
Ordo was founded by former members of the UK Faster Payments scheme in 2014, becoming an FCA authorized open banking payments provider. The company’s payments and data services include variable recurring payments as well as pay-by-bank tools.
“We are proud to join forces with one of the most well positioned independent open banking providers in Europe, to jointly scale our offering to both existing and new customers across the UK and Europe,” said Ordo CoFounder and Managing Director Fliss Berridge. “The two teams bring a wealth of experience in developing tailored solutions in a complex and highly regulated environment at what we believe will be among the industry’s most competitive commercial terms.”
Neonomics delivers payment initiation and account information services to a wide range of businesses, as well as a pay-by-bank app directed at consumers. The company also offers a newly launched AI tool, Nello AI, to serve as a personal finance manager app to motivate consumers with a monthly financial review, daily spending meter, a chatbot, and more.
“The team at Ordo represents some of the most experienced payments experts in the UK, having a leading voice across many of the most important forums that span the UK and EU in shaping how open banking will evolve,” said Neonomics Founder and CEO Christoffer Andvig. “This acquisition strengthens our commercialization strategy and time to market while expanding our product offering.”
Neonomics will leverage Ordo to help it accelerate its growth by offering services in the UK and other regions. With Ordo’s UK-centric payment tools, including its Variable Recurring Payments (VRP) capability, Neonomics plans to build a more open and connected economy.
The agreement comes as new payments regulations, including the Payments Services Regulation (PSR) and the third Payment Services Directive (PSD3), sit on the horizon. These regulations are expected to standardize open banking practices, enhance consumer protection, and drive further adoption of open banking solutions across Europe.
Acquiring Ordo positions Neonomics to benefit from these changes. The company’s payment suite and data tools are suited to offer more connected and seamless payments that are tailored to the continuously evolving regulatory landscape.