GSTechnologies to acquire Bonfirepay, expanding European fintech presence
Fintech specialist () announced a conditional agreement to fully acquire Spanish payments technology company Bonfirepay.
said the move was aimed at enhancing its in-house payment platform Angra Global, specifically its B2B-focused cross-border payments and forex services throughout the European Economic Area (EEA). Angra was established in 2023 following 's acquisition of Canada-based fintech provider PAYPT.
The completion of the acquisition is conditional on the finalisation of Bonfirepay's registration as a Small Payment Institution (SPI) with the central bank of Spain.
Separately, issued an update on its acquisition of 60% of the share capital of EasySend, as announced in November 2023. said the two parties had agreed to extend the period of entering into a definitive sale agreement until November 30, 2024. The extension is meant to allow the parties time to refine a post-acquisition integration plan.
Tone Goh, Chairman of GST, commenting on the acquisition of Bonfirepay: "...This acquisition will enable us to expedite our mission to make cross-border payments faster, cheaper, and more transparent for millions of European businesses. I look forward to providing further updates in due course as we continue to rapidly expand our network and fintech offerings in Europe."
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A positive update from GSTechnologies, announcing the acquisition of Bonfirepay and progress regarding its acquisition of 60% of crossborder payment specialist EasySend. shares gained 4.3% on the news. stock is up 36% in the past 12 months.
The acquisition of Bonfireplay's entire share capital should significantly expand the footprint of 's payments platform Angra Global. Spain-based Bonfireplay will offer an effective entry into the vast EEA market where 24.4 million small to mid-size businesses operate. The acquisition represents a key step in 's ambitious expansion plan for Europe.
Additionally, having a presence in Spain will enable Angra to collaborate with a broader network of European banks, non-banking financial institutions, and forex providers, in turn reducing remittance costs and boosting revenue growth.
As for the acquisition of 60% of EasySend's share capital, the two companies have extended the deadline to finalise the sale to November 30, 2024, giving them more time to agree on an integration plan that aligns with 's expansion objectives. Specifically, as part of the deal EasySend is working on a comprehensive plan for Angra Global's expansion into the Poland where the former already has significant experience.
Apart from the deadline extension, all other T&C remain unchanged and the two parties remain committed to completing the acquisition. This is 's 3rd acquisition in the past year (not counting Bonfirepay), following the abovementioned acquisition of Canada-based PAYPT to form Angra Global, and the acquisition of 67% of Semnet, a Singapore-based cybersecurity company. We expect significant revenue growth in FY24 from new customers and business resulting from the acquisitions.
remains well-funded to execute on its European expansion strategy following April's £1.25m fundraise.
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