Equals Group completes 'material transaction' for large client

Fintech payments company Equals Group has completed a material international payments transaction for a large corporate client, it announced on Thursday, that would contribute around £1.5m to group revenues in the current financial year.

The AIM-traded firm said the transaction was one-off in nature, but evidenced the ability of the company to attract large corporate clients through its “state-of-the-art” platforms.

That, coupled with “highly professional” service levels, translated into increased credibility for the group's ability to act as a financial counterpart in major transactions, the board explained.

Equals worked on the transaction for several months, undertaking “extensive and extended” levels of due diligence, with the support of external legal advice.

The transaction was cleared by its partner bank prior to completion.

“I am exceptionally proud that, following significant investment, the Equals Group has the infrastructure, capability and knowhow to undertake a transaction of this size and complexity,” said chief executive officer Ian Strafford-Taylor.

“It represents the largest single transaction ever completed by the group, and is a clear demonstration of our credibility among large corporates, the quality of our service proposition, and the level of commitment of our people.”

At 1454 BST, shares in Equals Group were up 3.03% at 68p.