FXPress Payment Services has agreed to acquire Avila House for an undisclosed sum made up of cash and shares.
Avila is a licensed small electronic money institution (EMI), which means it is allowed to receive and hold client funds for future use.
The acquisition, therefore, adds to FXPress’s current authorisation as a payment services provider.
Moreover, it will allow the foreing exchange specialist to add further products and services to its existing offering.
“Obtaining an EMI licence has long been a strategic objective for FXPress and this acquisition allows us to achieve it faster and cheaper than going through the full application process,” said chief executive Jason Conibear in an email to investors.
Completion of the purchase is subject to approval by the Financial Conduct Authority.
The company said it expects to receive the regulatory green light in the “coming weeks”.
FXPress has grown using a cloud-based technology that will allow it to seamlessly roll up other businesses onto its platform.