Ordo’s “unrestricted” VRP capability is said to complement Neonomics’ vision for a more open and connected global economy. Credit: U-STUDIOGRAPHY DD59/ Shutterstock.

Norwegian payments firm Neonomics has acquired Ordo, a UK-based open banking payments and data service provider.  

The financial terms of the transaction were not disclosed.  

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The transaction was conducted through Neonomics’ parent company, Fintech Innovation AS, which has taken full ownership of The Smart Request Company, trading as Ordo. 

Ordo, which was established by the former management team of the UK Faster Payments scheme, is licenced as a Financial Conduct Authority (FCA) authorised open banking payments. 

The company offers payments, data services including variable recurring payments (VRP) and is an official crown services supplier.  

The Crown Commercial Service (CCS) is the UK’s government procurement body and operates as an executive agency within the Cabinet Office. 

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This acquisition has received approval from both the UK FCA and Norwegian Financial Supervisory Authority. 

Neonomics said it was seeking a partner to accelerate its growth and plans to leverage Ordo’s expertise to enhance its services in the UK and other markets. 

Ordo’s “unrestricted” VRP capability complements Neonomics’ vision for a more open and connected global economy, it added.   

Ordo managing director and co-founder Fliss Berridge said: “We are proud to join forces with one of the most well positioned independent open banking providers in Europe, to jointly scale our offering to both existing and new customers across the UK and Europe.” 

Neonomics CEO and founder Christoffer Andvig stated: “The team at Ordo represents `some of the most experienced payments experts in the UK, having a leading voice across many of the most important forums that span the UK and EU in shaping how open banking will evolve. This acquisition strengthens our commercialization strategy and time to market while expanding our product offering.” 

This comes after Neonomics filed a formal complaint last month with the Norwegian Competition Authority, citing anti-competitive practices in the Norwegian payments market.