GSTechnologies Ltd (LON:GST), the fintech and information technology solutions company, has announced the completion of the Company’s acquisition of Angra Limited, a UK-based foreign exchange and payment services company. This follows Financial Conduct Authority approval for the change of control of Angra, announced on 18 February 2022, and the completion of all outstanding matters in connection with the Acquisition.
Angra, which operates under the AngraFX brand name, is an established FCA approved Authorised Payment Institution, conducting fast, secure and low-cost foreign exchange business and payment services internationally. GST intends to utilise Angra as the basis on which to build the UK arm of its planned blockchain-enabled neobanking business based on three initial use-cases: international money transfers, borderless accounts, and private stablecoin.
Tone Goh, Chairman of GSTechnologies, commented: “We are very pleased to have completed the acquisition of Angra and we look forward to working with their management and employees as we seek to rapidly progress our plans. As previously outlined, Angra will form a cornerstone for the development of our blockchain enabled neobanking business, providing an established, appropriately-regulated base on which to build our planned UK business.
“We are continuing to rapidly progress our overall fintech business plan, in conjunction with our collaboration partner, Wise MPay, and I look forward to providing further updates in due course.”