Neonomics Group acquires UK-based Open Banking provider Ordo

The deal marks a step forward in Neonomics' efforts to expand its reach across the UK and Europe. Ordo, authorised by the UK Financial Conduct Authority (FCA), was established by the team that previously managed the UK Faster Payments scheme. As one of the first Open Banking innovators licenced in the UK, Ordo offers a variety of payment and data solutions, including variable recurring payments (VRP). The company also serves as an official supplier to UK Crown Services. 

According to the official press release, the adoption of account-to-account payments continues to rise in the UK and EU, driven by advancements in Open Banking technologies and regulations. Collaborations within the sector are improving cross-border interoperability and security. Upcoming legislative changes, such as the Payment Services Regulation (PSR) and the third Payment Services Directive (PSD3), are expected to support the growth of cost-efficient and modern payment solutions. 

Ordo has played an important role in the evolution of Open Banking in the UK, contributing to regulatory advancements and delivering payment services such as low-cost instant payments and hosted VRP solutions. 

Commenting on the acquisition, officials from Ordo stated that joining forces with Neonomics provides an opportunity to scale offerings to existing and new customers across the UK and Europe. They emphasised the joint expertise of the two teams in delivering solutions within a complex regulatory landscape.

Strategic goals and market expansion 

Neonomics, headquartered in Norway, pursued the acquisition to accelerate its growth and enhance its service offerings. Ordo’s established UK payment capabilities and its experienced team were key factors in the decision. Representatives from Neonomics highlighted the expertise of Ordo's team, noting their active role in shaping Open Banking frameworks in the UK and EU. They described the acquisition as a strategic move to support Neonomics’ product portfolio and reduce time to market. 

The transaction involves the full acquisition of The Smart Request Company Limited, trading as Ordo, by Fintech Innovation AS, the parent company of Neonomics AS. The deal has been approved by both the UK FCA and the Norwegian Financial Supervisory Authority (FSA).