Fintech company GSTechnologies Ltd (LSE:GST) confirmed it has completed the acquisition of Canada’s PAYPT Finance Ltd.
Having announced the buyout of the money service business's entire share capital in July, GSTechnologies said in a statement that the deal has now received regulatory approval.
PAYPT, which holds a Canadian money services business licence, has been renamed Angra Global Ltd following the deal, ahead of GSTechnologies’ intention to create an online business-to-business-focussed bank.
“The acquisition will enable the group to significantly expand its innovative offerings as we seek to provide a comprehensive financial service hub,” chairman Tone Goh said.
“We intend to start onboarding customers to Angra Global from the beginning of September, the next stage of the transformation of Angra into a business-to-business neobank.”
Under the plans, Angra Global will be combined with GSTechnologies’ existing UK-based foreign exchange and payment services firm to create an international business.
This new business, to be renamed Angra Limited, will offer a “multi-currency e-wallet service”, GSTechnologies explained, initially offering British, European, American and Chinese currency.