Neonomics Acquires Ordo to Expand UK Open Banking Expertise

• Neonomics has acquired UK-based payments and data provider Ordo to expand its services in the UK and beyond.
• Specifically, Neonomics will leverage Ordo’s expertise in Variable Recurring Payments (VRP) and pay-by-bank tools.
• The acquisition has been approved by the UK Financial Conduct Authority and Norway’s Financial Supervisory Authority.

Open banking innovator based in Norway Neonomics has been offering its payments and financial data solutions since 2017. This week, the company bought Ordera UK-based open bank payments and data service provider.

The financial terms of the deal, which was approved by the UK Financial Conduct Authority and the Financial Supervisory Authority of Norway, were not disclosed.

Ordo was founded by former members of the UK Faster Payments scheme in 2014, becoming an FCA authorized open banking payments provider. The company’s payments and data services include variable recurring payments as well as pay-by-bank tools.

“We are proud to join forces with one of Europe’s best-positioned independent open banking providers, to simultaneously scale our offering to existing and new customers across the UK and Europe,” said Ordo CoFounder and Managing Director Fliss Berridge. “Both teams bring a wealth of experience in developing tailored solutions in a complex and highly regulated environment in what we believe to be one of the most competitive commercial terms in the industry.”

Neonomics delivers payment startup and account information services to many businesses, as well as a pay-by-bank app aimed at consumers. The company also offers a newly launched AI tool, In AIto serve as a personal finance manager app to encourage consumers with monthly financial reviews, daily spending meters, chatbots, and more.

“The Ordo team represents some of the UK’s most experienced payments experts, with a leading voice in many of the most important forums covering the UK and EU in shaping how the open banking,” said Neonomics Founder and CEO Christoffer Andvig. “This acquisition strengthens our commercialization strategy and time to market while expanding our product offering.”

Neonomics will use Ordo to help it accelerate its growth by offering services in the UK and other regions. With Ordo’s UK-centric payment tools, including its Variable Recurring Payments (VRP) capability, Neonomics plans to build a more open and connected economy.

The agreement comes as new payment regulations, including the Payments Services Regulation (PSR) and the third Payment Services Directive (PSD3), sit on the horizon. These regulations are expected to standardize open banking practices, improve consumer protection, and drive increased adoption of open banking solutions across Europe.

Gain positions in Ordo Neonomics to benefit from these changes. The company’s payment suite and data tools are tailored to offer more connected and seamless payments tailored to the ever-changing regulatory landscape.

Photo by sl wong

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