According to the statement, the change of name reflects the company’s diversification away from foreign exchange (forex). While FX revenues and expertise remain integral to the Group, its non-FX related activities have become increasingly important to its operations.
In recent years, the company has grown beyond its forex business into international payments and travel money, as well as further into integrated money management solutions for consumers and businesses.
The Equals brand will be rolled out across its various business units and products throughout 2019. By the end of the year, all Group products will have a “unified look and feel,” the statement said. The company’s new website www.equalsplc.com is now live.
At 8.00am this morning (London time), trading in the company’s shares under the new name and TIDM, “EQLS” commenced. The firm’s current ISIN and SEDOL will remain the same. Shareholders will not be affected by the change of name, the statement said.
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Equals Group to Focus on Corporate SME Market
At present, Equals Group plc has three main businesses – FairFX, CardOneMoney, and City Forex. These companies will be unified under the Equals brand, which the Group believes will provide benefits in terms of efficiency and supply chain management.
Looking to the future, the company will continue to focus on providing solutions to the corporate SME (small to medium enterprise) market. The company began this strategy in early 2017 when it gained an e-money license and was followed by the acquisition of CardOneMoney later that year.
Throughout 2018 and 2019, the Group has been investing in its banking platform. Through its subsidiary Spectrum Payment Services, the company was granted Bank of England settlement accounts and direct access to the Faster Payments scheme.
More recently, the Group announced that it had been issued a Credit Broker Licence. According to the statement, by securing this license, the company will be able to roll out further products, which will be revealed this year.
Commenting on the name change, Ian Strafford-Taylor, CEO, said: “The inspiration for the new name comes from a simple piece of insight: that our relentless focus on solving everyday problems by applying our ingenuity equals a better way for our customers to manage their money.
“Ultimately, we’re helping them to save time and money with a more human touch; an approach which has built great customer loyalty in our business. With a series of new products set to launch in the second half of the year, which will strengthen our position in the SME money management space, it’s a truly exciting time for us and our customers to be moving forward as Equals.”