(Alliance News) - GSTechnologies Ltd on Tuesday said it has completed the acquisition of PAYPT Finance Ltd, a Canadian company holding a Canadian money services business licence.
The Milton Keynes, England-based information technology solutions company noted that the acquisition has received approval from the Financial Transactions & Reports Analysis Centre of Canada. FINTRAC is the regulatory authority overseeing financial transactions in Canada, for the change of control.
GSTechnologies said that PAYPT has been renamed to Angra Global Ltd, signifying its strategic intention for Angra's transformation into a B2B-focused Neobank.
Further, Angra Global is being combined with the company's existing UK-based foreign exchange and payment services company Angra Ltd. GSTechnologies said this will pave the way for the company to launch a multi-currency e-wallet service.
Angra Global expects to start onboarding customers for this service from September 1.
Chair Tone Goh said: "The acquisition will enable the group to significantly expand its innovative offerings as we seek to provide a comprehensive financial service hub to all of our B2B customers. We intend to start onboarding customers to Angra Global from the beginning of September, the next stage of the transformation of Angra into a B2B Neobank providing next-generation digital money solutions."
Shares in GSTechnologies were up 15% to 0.73 pence each in London on Tuesday around midday.
By Sophie Rose, Alliance News reporter
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Gstechnologies (GST)