Equals Group PLC FairFX changes name to Equals Group plc (5721D)
June 27 2019 - 2:01AM
UK Regulatory
TIDMEQLS
RNS Number : 5721D
Equals Group PLC
27 June 2019
27 June 2019
FairFX Group plc
(the "Company" or "the Group" )
FairFX changes name to Equals Group plc
FairFX, the e-banking and payments group, is pleased to announce
that in accordance with article 135 of the articles of association
of the Company and pursuant to a resolution of the board of
directors passed on 26 June 2019, it has, with effect from 26 June
2019, changed its name to Equals Group plc.
Trading in the Company's shares under the new name and TIDM,
"EQLS", will commence at 8.00 am today. The Company's current ISIN
and SEDOL will remain the same.
The decision to change the Company's name reflects the evolution
of both its operations and product offering, which have diversified
in recent years beyond the heritage foreign exchange businesses of
international payments and travel money, and further into
integrated money management solutions for consumers and businesses,
covering banking and payments.
Since 2017, the Group has almost tripled in size in terms of
turnover and its operations have broadened into three significant
businesses - FairFX, CardOneMoney and City Forex. The unification
of these businesses under a new, distinctive brand will provide
further benefits for the Group in terms of supply chain management
and efficiency. Whilst foreign exchange expertise and revenues
continue to be integral to the Group, the increasing importance of
non-FX related activities necessitated a change to a new umbrella
brand identity, under which all the services of the Group can be
represented. The Group believes this will approach will also
optimise customer acquisition, retention and engagement.
A key part of the Company's strategy is to focus on providing
solutions to the Corporate SME market, building upon the success of
its Expense Management platform, which gives customers better
control of employee expenses and business spending. Execution of
this strategy began with gaining an e-money licence in early 2017,
followed by the acquisition of CardOneMoney, the digital banking
services provider, in the same year. Thereafter, the Group has been
investing in its Banking platform in 2018 and 2019. As a result,
the Company, through its subsidiary Spectrum Payment Services, was
granted Bank of England settlement accounts and direct access to
the Faster Payments scheme. Further, the Group recently announced
it had been granted a Credit Broker Licence which is another part
of our roadmap, which will manifest in more product announcements
in 2019.
The Equals brand will be rolled out across the various products
according to a detailed plan across the rest of 2019, such that by
year end all Group products will have a unified look and feel,
which will in turn optimise cross-selling of products - a key focus
for the Group.
Commenting on the name change, Ian Strafford-Taylor, CEO, said:
"The inspiration for the new name comes from a simple piece of
insight: that our relentless focus on solving everyday problems by
applying our ingenuity equals a better way for our customers to
manage their money. Ultimately, we're helping them to save time and
money with a more human touch; an approach which has built great
customer loyalty in our business. With a series of new products set
to launch in the second half of the year, which will strengthen our
position in the SME money management space, it's a truly exciting
time for us and our customers to be moving forward as Equals."
The Company's new website with its AIM Rule 26 requirements is
now live: www.equalsplc.com. Shareholders will be unaffected by the
change of name and existing share certificates should be retained
as they will remain valid for all purposes. Any new share
certificates issued from 27 June 2018 will bear the name Equals
Group plc.
-ENDS-
For further information, please contact:
Equals Group plc
Ian Strafford-Taylor, CEO +44 (0) 20 7778 9308
Cenkos Securities plc
Max Hartley / Callum Davidson +44 (0) 20 7397 8900
Nick Searle
Canaccord Genuity
Bobbie Hilliam / David Tyrrell +44 (0)20 7523 8150
Alex Aylen
Yellow Jersey PR
Charles Goodwin
Joe Burgess +44 (0) 7747 788 221
Annabel Atkins +44 (0) 7769 325 254
About Equals Group
Equals is a leading challenger brand in banking and payments
that disintermediates the incumbent banks with a superior customer
experience (CX) and low-cost operating model. Our business enables
personal and business customers to make easy, low-cost payments
both domestically and in a broad range of currencies and across a
range of products all via one integrated system. The Equals
platform facilitates payments either direct to Bank Accounts or at
35 million merchants and over 1 million ATM's in a broad range of
countries globally via Mobile apps, the Internet, SMS, wire
transfer and MasterCard/VISA debit cards.
Equals provides money movement services to both personal and
business customers through four channels: Currency Cards, Physical
Currency, International Payments and Bank Accounts. The Currency
Card and Physical Currency offerings facilitate multiple overseas
payments at points of sale and ATM's whereas the International
Payments channel supports wire transfer foreign exchange
transactions direct to Bank Accounts. For Corporates, Equals has a
market-leading business-expenses solution based around its
corporate platform and prepaid card. This service can yield
significant savings on a Corporate's expenses and procurement both
domestically and overseas, through better controls and improved
transparency. The platform also streamlines the downstream
administrative processes and integrates into accounting software,
thus saving costs. Equals offers retail and business bank accounts
with all the functionality you would expect from a bank, namely
faster payments, BACs, direct debits, international payments and a
debit card.
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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