(Alliance News) - Secure Trust Bank PLC on Thursday said it acquired AppToPay Ltd to create a regulated digital product for the "buy now pay later" market.
The Solihull, West Midlands-based retail and commercial bank acquired AppToPay, a Doncaster-based owner of a proprietary technology platform for its planned entry into the digital "buy now pay later" market.
The AppToPay platform will be integrated with the company's existing technology capabilities to offer a regulated digital BNPL product. The acquisition will accelerate STB's entry into the market by reducing the required product development time. The launch of the product is planned for the first half of 2022.
STB said the transaction is still subject to regulatory approval but completion of the acquisition is expected to take place around the first quarter of 2022.
The bank said AppToPay was acquired for a "small amount" but did not disclose the concrete price.
"I am delighted to announce the acquisition of AppToPay. V12 Retail Finance has already built a strong, established position in point-of-sale retail finance, thanks to its strong relationships and embedded technology with many of the UK's leading retailers and extensive market knowledge. This transaction is a natural next step for us, opening up attractive new opportunities for our existing customers and providing us with access to a new, fast-growing specialist lending market," Chief Executive David McCreadie.
Shares were up 0.7% at 1,308.85 pence each on Thursday afternoon in London.
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By Abby Amoakuh; firstname.lastname@example.org