A Northern Irish FinTech is set for a majority takeover by Australian company GSTechnologies.
GST, listed on the London Stock Exchange, has entered into an option to purchase 60% of the share capital of EasySend Ltd.
EasySend, approved by the Financial Conduct Authority, facilitates approximately €120 million of cross-border payments a year, with 35% coming from 40,000 individual customers and 65% from approximately 350 active corporate customers.
The company was founded in 2006 by Robert Lewandowski and Gniewko Juralewicz, who wished to make money transfers back home to Poland. It has offices in London and Gdansk.
GST, which this month raised £847,000 for acquisitions, said the deal would assist with growing the customer base for the company’s existing GS Money activities, in particular Angra Global, and provide access to additional technology, including EasySend’s mobile terminal technology.
It is intended that EasySend’s founder and management team will remain with the business.
Tone Goh, chairman of GST, commented: “We are very pleased to have reached an agreement with EasySend to acquire a majority stake in the business.
“Subject to the completion of our remaining due diligence, and the receipt of FCA approval, this acquisition will provide additional customers and technology to assist with the growth of our Angra Global business.
“We continue to rapidly progress the role out of our GS Money offerings and I look forward to providing further updates in due course.”