Bath, UK-based Roqqett fintech startup Roqqutt has been acquired by international payments group Equals Group for up to £2.25 million. The latter will pay an initial £1 million in cash, followed by subsequent payments dependent upon certain capabilities added to the platform, and are expected to be paid in under one year.
The acquisition will provide Equals Group with two key licenses it currently does not hold; Roqqett is authorised by the FCA as both an AISP (Account Information Service Provider) and PISP (Payment Initiation Service Provider). Put simply, what this means is that Roqqett is licensed to take payments and access financial data, i.e. open banking services.
Additionally, the incorporation of Roqqett’s offer into Equals’ product lineup allows them to take part in the full payment lifecycle for its customers by adding the key B2B2B/C segment to the end consumer.
“The platform, underlying technology, and licences that we are acquiring fit well with our stated strategy of providing payments solutions to our B2B customer base,” commented Equals CEO Ian Strafford-Taylor. “The ability to provide our corporate customers with an alternative route to acquire payments from their B2B or B2C customers is the last piece of the jigsaw in terms of Equals participation in the full payment lifecycle. This Acquisition allows us to fast-track this capability which in turn will widen our addressable markets for our services and ultimately drive growth.”