Norwegian company Neonomics purchases UK-based Open Banking platform Ordo

Neonomics Acquires UK-Based Open Banking Platform Ordo

Neonomics, a Norway-based fintech company, has announced the acquisition of Ordo, a UK-based Open Banking platform. The terms of the acquisition, which is believed to be among the industry's most competitive, have not been disclosed.

Ordo, founded by the former management team behind the UK's Faster Payments scheme, delivers a range of payments and data services, including variable recurring payments. The acquisition strengthens Neonomics' commercialization strategy and time to market, allowing both companies to scale their offering across the UK and Europe.

Neonomics sought a strategic partner to further accelerate its growth and expand its ability to offer services in the UK and beyond. The acquisition of Ordo is part of this strategy, and it has been approved by both the Financial Conduct Authority in the UK and Norway's Financial Supervisory Authority.

The founder and CEO of Neonomics, Christoffer Andvig, was involved in the acquisition. Sigurd Vedal, the founder and CEO of Fintech Innovation AS, the parent company of Neonomics, led the deal. Fliss Berridge, the co-founder and managing director of Ordo, will continue to lead the Ordo team as part of the Neonomics group.

The combined teams of Neonomics and Ordo bring a wealth of experience in developing tailored solutions in a complex and highly-regulated environment. Following the deal, both companies will be able to "exploit existing synergies to satisfy business needs".

The acquisition expands Neonomics' product offering and is part of its strategy to offer services in the UK. In February 2024, Ordo became an official Crown Commercial Service supplier, further solidifying its position in the UK market.

No further details about the financial aspects of the acquisition were provided. However, it is clear that this deal marks a significant step forward in Neonomics' growth and its expansion into the UK market. With the addition of Ordo's offerings, Neonomics is well-positioned to meet the growing demand for Open Banking solutions in the UK and Europe.