Equals Group PLC - FairFX changes name to Equals Group plc
(the "Company" or "the Group" )
Trading in the Company's shares under the new name and TIDM, "EQLS", will commence at
The decision to change the Company's name reflects the evolution of both its operations and product offering, which have diversified in recent years beyond the heritage foreign exchange businesses of international payments and travel money, and further into integrated money management solutions for consumers and businesses, covering banking and payments.
Since 2017, the Group has almost tripled in size in terms of turnover and its operations have broadened into three significant businesses -
A key part of the Company's strategy is to focus on providing solutions to the Corporate SME market, building upon the success of its Expense Management platform, which gives customers better control of employee expenses and business spending. Execution of this strategy began with gaining an e-money licence in early 2017, followed by the acquisition of CardOneMoney, the digital banking services provider, in the same year. Thereafter, the Group has been investing in its Banking platform in 2018 and 2019. As a result, the Company, through its subsidiary Spectrum Payment Services, was granted
The Equals brand will be rolled out across the various products according to a detailed plan across the rest of 2019, such that by year end all Group products will have a unified look and feel, which will in turn optimise cross-selling of products - a key focus for the Group.
Commenting on the name change,
The Company's new website with its AIM Rule 26 requirements is now live: www.equalsplc.com. Shareholders will be unaffected by the change of name and existing share certificates should be retained as they will remain valid for all purposes. Any new share certificates issued from
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Equals is a leading challenger brand in banking and payments that disintermediates the incumbent banks with a superior customer experience (CX) and low-cost operating model. Our business enables personal and business customers to make easy, low-cost payments both domestically and in a broad range of currencies and across a range of products all via one integrated system. The Equals platform facilitates payments either direct to Bank Accounts or at 35 million merchants and over 1 million ATM's in a broad range of countries globally via Mobile apps, the Internet, SMS, wire transfer and MasterCard/
Equals provides money movement services to both personal and business customers through four channels: Currency Cards, Physical Currency, International Payments and Bank Accounts. The Currency Card and Physical Currency offerings facilitate multiple overseas payments at points of sale and ATM's whereas the International Payments channel supports wire transfer foreign exchange transactions direct to Bank Accounts. For Corporates, Equals has a market-leading business-expenses solution based around its corporate platform and prepaid card. This service can yield significant savings on a Corporate's expenses and procurement both domestically and overseas, through better controls and improved transparency. The platform also streamlines the downstream administrative processes and integrates into accounting software, thus saving costs. Equals offers retail and business bank accounts with all the functionality you would expect from a bank, namely faster payments, BACs, direct debits, international payments and a debit card.
This information is provided by RNS, the news service of the
Quick facts: Equals Group PLC
Market Cap: £76.8 m
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