Acquisitions

Q-Money Limited

Acquired: 19 January 2017

Consideration: an initial sum of £425,000 plus maximum deferred consideration of £825,000 on the achievement of certain performance milestones

Reason for acquisition: e-Money licence allowing the group to launch a card via Mastercard Prepaid issuing licence and to enhance the Group's payment infrastructure through direct membership of other payments networks


Spectrum Financial Group Limited

Acquired: 25 August 2017

Consideration: £15,000,000 through £12,817,501 in cash and the balance through the issue of 3,762,930 shares

Reason for acquisition: to move into banking market, primarily through its ownership of CardOneBanking


City Forex Limited

Acquired: 20 February 2018

Consideration: £6,000,000 + working capital adjustments of £3,216,552

Reason for acquisition: extracting increasing economies of scale whilst adding product innovation and the acquisition of an enhanced deal recording platform


Hermex International Limited

Acquired: 8 August 2019

Consideration: £2,000,000

Reason for acquisition: HermexFX offers international payment services to a predominantly corporate client base through a personalised service offering.