One of the UK’s first licensed open banking providers is closing, marking the latest closure to hit the sector. Ordo, the FCA-authorised open banking payments and data service provider, is being closed by its Norwegian open banking parent company Neonomics.
Neonomics CEO and founder Christoffer Andvig said:
"Neonomics has chosen to close its UK subsidiary, Ordo, so we can channel all resources into the Nordic and wider EU markets, where demand for our open-finance data and payments solutions is accelerating.
"We are seeing strong traction with existing products and are investing in new services that leverage the latest open-finance capabilities. While our current focus is on scaling these high-growth opportunities, we may return to the UK market in the future as conditions align with our strategy."
It is unclear whether any jobs will be impacted by the closure. There are approximately a dozen people saying they work at Ordo on LinkedIn. Neonomcis acquired Ordo in 2023, as it looked to expand across the UK and Europe.
It made the purchase amid a rise in account-to-account payments, an alternative to card payments, driven by open banking technologies. Ordo, founded in 2014, offered a wide range of open banking payments and data services.
Earlier this year, UK account-to-account payment fintech Vyne shut up shop in the UK. Moneyhub, the UK open finance and data specialist, also closed its direct-to-consumer app, with dozens of staff said to be being laid off.
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