CardOne is a FCA authorised group that has been providing banking platforms and money management tools since 2007. It provides current accounts and a digital banking platform to personal account customers and SMEs. The consideration was satisfied by a mixture of cash and shares.
The fundraising consisted of a VCT Placing and a General Placing to institutions and an Open Offer to FairFX’s qualifying shareholders. Part of the proceeds was used to fund the acquisition and the balance will be used for international expansion, marketing, product development, and working capital.
The transaction was BWB’s first for FairFX.