Norway-based Open Banking company Neonomics has announced its plans to shut down its UK subsidiary, Ordo, a FCA-authorised Open Banking payments and data service provider.
Made public by Neonomics’ representatives, the decision to close Ordo is the latest move in the UK’s fintech sector, which has recently witnessed several difficulties. Ordo was one of the first Open Banking providers in the region, operating as a subsidiary of Neonomics since January 2025. At that time, Ordo stated that teaming up with Neonomics offered an opportunity to scale its offerings to existing and new customers across the UK and Europe. When it came to Neonomics, the deal marked another step in its efforts to expand its reach across the two regions.
Since the start of its operations, Ordo has substantially influenced the evolution of Open Banking in the UK, contributing to regulatory advancements and providing payment services such as low-cost instant payments and hosted VRP solutions.
Reasoning for the closure
Now, Neonomics chose to close Ordo so that it can channel all its resources into the Nordic and wider EU markets, where demand for the company’s Open Finance data and payments solutions is accelerating, according to CEO and founder Christoffer Andvig, cited by Tech.eu. He added that the company is witnessing significant traction with existing products and is currently investing in new services that utilise the latest Open Finance capabilities. The same sources mention that, even if its current focus is on scaling these high-growth opportunities, Neonomics might return to the UK market in the future if conditions align with its strategy. At the time of writing, it is not yet clear if jobs at Ordo will be impacted by the move.
The UK’s fintech market in 2025
Ordo’s closure follows two other similar decisions from Vyne, a UK account-to-account payment fintech, and Moneyhub, an Open Finance and data specialist. At the end of January 2025, Vyne published a statement on its website announcing its decision to halt its operations in the UK effective 22 April 2025, based on a wider strategy adopted by its shareholders. The company emphasised that the move reflected the broader plan to focus on markets where its technology could have the most impact and expansion.
Just under a month after this, Moneyhub closed its direct-to-consumer app, aiming to direct its attention towards its B2B business. It was reported that the decision would lead to the closure of 36 roles, equivalent to approximately 30% of the company’s workforce. However, Moneyhub did not confirm this information at the time.
