E-banking and funds group FairFX introduced this Thursday by way of the London Inventory Alternate that it has modified its identify to Equals Group plc, efficient from June 26, 2019.
In keeping with the assertion, the change of identify displays the corporate’s diversification away from overseas alternate (foreign exchange). Whereas FX revenues and experience stay integral to the Group, its non-FX associated actions have turn into more and more vital to its operations.
In recent times, the corporate has grown past its foreign exchange enterprise into worldwide funds and journey cash, in addition to additional into built-in cash administration options for customers and companies.
The Equals model shall be rolled out throughout its varied enterprise models and merchandise all through 2019. By the top of the yr, all Group merchandise can have a “unified feel and look,” the assertion mentioned. The corporate’s new web site www.equalsplc.com is now stay.
At 8.00am this morning (London time), buying and selling within the firm’s shares below the brand new identify and TIDM, “EQLS” commenced. The agency’s present ISIN and SEDOL will stay the identical. Shareholders is not going to be affected by the change of identify, the assertion mentioned.
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Equals Group to Give attention to Company SME Market
At current, Equals Group plc has three primary companies – FairFX, CardOneMoney, and Metropolis Foreign exchange. These corporations shall be unified below the Equals model, which the Group believes will present advantages when it comes to effectivity and provide chain administration.
Seeking to the long run, the corporate will proceed to give attention to offering options to the company SME (small to medium enterprise) market. The corporate started this technique in early 2017 when it gained an e-money license and was adopted by the acquisition of CardOneMoney later that yr.
All through 2018 and 2019, the Group has been investing in its banking platform. Via its subsidiary Spectrum Fee Companies, the corporate was granted Financial institution of England settlement accounts and direct entry to the Quicker Funds scheme.
Extra not too long ago, the Group introduced that it had been issued a Credit score Dealer Licence. In keeping with the assertion, by securing this license, the corporate will be capable to roll out additional merchandise, which shall be revealed this yr.
Ian Strafford-Taylor, CEO of Equals Group plc
Commenting on the identify change, Ian Strafford-Taylor, CEO, mentioned: “The inspiration for the brand new identify comes from a easy piece of perception: that our relentless give attention to fixing on a regular basis issues by making use of our ingenuity equals a greater means for our clients to handle their cash.
“Finally, we’re serving to them to avoid wasting money and time with a extra human contact; an strategy which has constructed nice buyer loyalty in our enterprise. With a collection of recent merchandise set to launch within the second half of the yr, which is able to strengthen our place within the SME cash administration area, it’s a very thrilling time for us and our clients to be transferring ahead as Equals.”