BWB’s corporate team acted for FairFX Group plc (FairFX), the AIM quoted online international payment services provider, on its acquisition of CardOne (Spectrum Financial Group Limited) for a consideration of £15 million and its fundraising by way of Placing and Open Offer which raised in aggregate £27.7 million.
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.
Posted on 25/09/2017 in Corporate & CommercialBack to Knowledge