Access PaySuite has acquired the open banking technology infrastructure from Ordo, the UK fintech that was shuttered by Norwegian parent company Neonomics just eight months after being purchased. The deal salvages critical open banking infrastructure from what became a failed acquisition, though financial terms remain undisclosed.
The move comes as consolidation accelerates across the open banking sector, with viable technology assets being recycled even from collapsed ventures. Access PaySuite, which specializes in payment solutions, will integrate Ordo’s infrastructure to strengthen its open banking capabilities and expand its product offerings to financial institutions.
Market participants should note this acquisition highlights both the volatility in fintech M&A and the underlying value of established open banking technology. The quick turnaround from Neonomics’ shutdown decision to this sale suggests strong demand for proven infrastructure despite parent company failures.
FXnCO Insight
Open banking infrastructure retains significant acquisition value even from failed ventures, signaling continued appetite for established technology platforms that can accelerate time-to-market for payment providers serving financial institutions.
Source: Finextra