Equals to acquire open banking payments platform Roqqett in £2.25m deal

UK paytech Equals Group is set to acquire open banking payments platform Roqqett in a deal worth £2.25 million.

Roqqett to be acquired by Equals for £2.25m

Equals will pick up Roqqett’s AISP (Account Information Service Provider) and PISP (Payment Initiation Service Provider) licenses through the acquisition, which will enable the firm to expand into open banking services.

Equals CEO Ian Strafford-Taylor says: “The platform, underlying technology, and licenses that we are acquiring fit well with our stated strategy of providing payments solutions to our B2B customer base.”

The acquisition of the Roqqett platform will see Equals build out the payment lifecycle for its corporate and enterprise clients, giving them access to account to account (A2A) payments and therefore immediate access to funds sent by customers.

Equals says that by removing the need for debit and credit cards, it will be in a position to “disrupt” the way consumers pay merchants.

Additionally, by integrating international banking and faster payments capabilities into the Roqqett platform, Equals will be in a position to sell Roqqett to merchants as a complete end-to-end solution with the ability to process refunds automatically.