Fintech company GSTechnologies Limited (LON:GST) has entered into a purchase agreement to acquire 60% of the equity capital of EasySend Ltd, a Northern Ireland-incorporated cross-border payments company.
EasySend is an authorized payment institution approved by the Financial Conduct Authority (FCA), which provides cross-border payment services.
EasySend currently has an estimated annual transaction volume of approximately €120 million, with 35% coming from approximately 40,000 individual customers and 65% from approximately 350 active corporate customers.
GST believes that acquiring a majority stake in EasySend will help grow the customer base for the Company’s existing GS Money business, particularly Angra Global, and provide access to additional technology, including EasySend’s mobile terminal technology.
It is anticipated that EasySend’s founder and management team will remain with the business and that a 40% minority interest will be retained by EasySend’s founder.
Completion of the Acquisition is subject to, among other things, final due diligence, the execution of definitive sale and purchase documentation and the FCA’s GST approval of the change of control of EasySend, a regulated entity.
Tone Goh, Chairman of GST, Chairman of GST, commented:
“We are very pleased to have reached an agreement with EasySend to acquire a majority stake in the business. Subject to the completion of our remaining due diligence and receipt of FCA approval, this acquisition will provide additional customers and technology to help grow our Angra Global business. We continue to rapidly advance the role of our offerings at GS Money and I look forward to providing further updates in due course.”