Financial Conduct Authority (FCA) has given a nod to the acquisition of a UK money payment firm by US-based company.
Blockchain company Future Fintech will acquire 100% of Khyber Money for €685,000 (about $687,534).
The deal is expected to close within the next three months.
Future FinTech Group Inc., a Florida-based publicly traded blockchain applications technology firm, is set to acquire UK-based money payments services firm Khyber Money Exchange following approval from the Financial Conduct Authority (FCA).
Following the approval, Future Fintech will acquire 100% of Khyber Exchange equity, at a disclosed purchase price of €685,000 (roughly $687,534).
The Nasdaq-listed fintech company, which also engages in cryptocurrency mining, operates a blockchain-based e-commerce platform and offers crypto investment management services, announced this on Friday.
FCA approves wholly-owned subsidiary
Per the firm, the FCA greenlight was given to its wholly-owned subsidiary FTFT UK Ltd, which is regulated in the United Kingdom.
“We are pleased to have received approval from the FCA to acquire Khyber Exchange since it further extends our fintech footprint and diversifies our geographical reach,” Future Fntech CEO Shanchun Huang noted.
Khyber Exchange offers global money transfer services across its agent locations, on the web vial its online portal and through mobile access. The UK-headquartered company was founded in 2009 and has offices in Italy and Germany.
The acquisition will help Future Fintech tap further into the money payment services business, which Huang said is a high margin industry and one that’s likely to boost goals towards global expansion.
Future Fintech expects the deal to close within the next three months as outlined by the FCA.