Payment Cloud Technologies and Tuxedo Money Solutions have merged to form Omnio Group in a deal valued at €70m structured and negotiated by EDC Advisors. The new group - led by Ian Clowes, who has been appointed Group CEO - will operate across the UK, Europe and Australia, with the combined resources of the merged companies providing the scale and international reach required to compete in an expanding global digital banking market. The deal also brings The Change Account, a banking inclusion company, and Travel Welfare, the airline compensation specialist, into Omnio Group.
Omnio’s digital banking platform supports rapid market entry and agile product development through an omni-channel approach that supports all digital portals and customer touch points. Omnio Group will continue to invest in cloud-based fintech, providing the group with a broad range of leading banking and payment capabilities focused on the banking, retail, airline and corporate payments markets.
Omnio is regulated in the UK, Europe and Australia, as well as being a principal member of Mastercard and Visa. The group processes payments worth in excess of €1bn annually, manages more than two million active accounts with balances of €100m and supports more than 300 banking & payment programmes worldwide.