Norwegian open banking firm Neonomics has acquired UK-based Ordo, a contemporary payments company. The financial details of the acquisition remain undisclosed.
Founded in 2018 by the former management team of the Faster Payments scheme, Ordo is an FCA-authorized open banking payments provider. The company specializes in white-labeled solutions for instant single payments and fully hosted Variable Recurring Payments (VRP).
Neonomics sees this acquisition as a means to enhance its presence in the UK market, leveraging Ordo’s experienced team and its unrestricted VRP capabilities. The UK and EU are experiencing a significant rise in account-to-account payment adoption as an alternative to traditional card payments. Neonomics anticipates that the imminent release of Payments Services Regulation, alongside upcoming PSD3 proposals, will further accelerate this trend.
Christoffer Andvig, CEO of Neonomics, stated, “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 shape the evolution of open banking. This acquisition strengthens our commercialization strategy and time to market while expanding our product offering.”
With the acquisition, Neonomics now holds 100% ownership of Ordo, which is already approved by the UK FCA and Norwegian FSA.
In a related matter, Neonomics filed a complaint with the Norwegian Competition Authority late last year, alleging anti-competitive practices in Norway’s payments market. The firm claims that banks have actively undermined the goals of the EU’s Payment Service Directive PSD2 by restricting access to essential payment markets.