IFX Payments Reaches Agreement To Acquire Argentex Group PLC
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IFX Payments has reached an agreement in principle to acquire Argentex Group PLC, bringing together two companies active in the UK payments and foreign exchange (FX) markets. Argentex, a publicly listed company, offers foreign exchange services and is authorized as an electronic money institution.
It serves institutions, corporates, and high-net-worth individuals. Will Marwick, Chief Executive Officer at IFX Payments, stated that the proposed acquisition of Argentex would enhance their regulated capabilities.
IFX Payments Aims To Broaden Reach And Capabilities Through Argentex Acquisition
Marwick also mentioned that it would diversify their product portfolio, particularly in FX risk management and institutional offerings. He added that it would also expand their geographical reach and network.
Argentex joined the London Stock Exchange’s AIM market and raised £14 million. Its market capitalisation reached £120 million. The firm has processed over US$200 billion in FX transactions across more than 140 currencies. It operates offices in Amsterdam, Australia, and Dubai.
Marwick expressed excitement about the Argentex team joining IFX Payments. He said they aim to work together toward shared ambitions in the growing global payments and currency risk management sectors.
IFX Payments is an alternative banking partner seeking to expand its presence in EMEA. The proposed acquisition is part of their strategy to grow services for corporates and financial institutions. If completed, IFX will gain additional regulatory coverage and access to a broader institutional client base.
IFX Payments Aims To Strengthen Digital Payment Solutions With ibanq Platform
The deal would also enable IFX to offer structured FX products and fund-related services, while Argentex clients would benefit from IFX’s ibanq platform and other technical features.
IFX Payments has shifted from being an exclusive foreign exchange brokerage firm, offering spot and forward currency contracts. It is now a fintech focusing on frictionless digital payment solutions, which led to the creation of ibanq.
ibanq is a multi-currency, virtual IBAN platform integrated directly into IFX’s foreign exchange and global payments network. It allows corporate clients to manage and distribute funds in up to 39 currencies from one single account.
The platform is designed for businesses with multi-jurisdictional treasury management demands, such as currency exposure, varying payment routes, mass payment requirements, and reconciliation challenges.
ibanq allows customers to segregate and streamline remittance and collection flows with complete accuracy by creating flexible and purpose-specific sub-accounts.
These features combine to create a seamless, transparent, and time-saving digital cash management platform, enabling businesses to focus on their core activities.
