MAS Group, the London-based institutional liquidity and technology provider, announced on July 29 that it has acquired a strategic equity stake in Solid. The companies described it as the first step toward a full acquisition to be completed over the next several years.
From Investor to Target: How the MAS-Solid Relationship Flipped
The move reverses the direction of a relationship that began in 2022, when Solid, a non-bank market maker, took a minority stake in MAS, then known as BidX Markets. Solid made an undisclosed investment in the company at the time, acquiring a 9.9 per cent ownership stake. Simon Blackledge has continued to own more than 75 per cent of the company. BidX rebranded as MAS Markets in early 2024.
"It expands our presence beyond our core margin business and provides exposure to the global spot FX market through a highly respected partner with an established institutional client base," said Simon Blackledge, CEO of MAS Group.
Solid operates exclusively in spot foreign exchange, serving institutional clients across multiple markets. MAS, by contrast, has built its business primarily around margin trading, backed by an FCA licence.
The acquisition gives MAS direct exposure to Solid's spot FX client base, while Solid's clients gain access to MAS's regulatory framework and broader product suite.
Both companies said client relationships, service levels and points of contact will remain unchanged as integration proceeds.
"Partnering with MAS is a natural evolution of a relationship built over many years of mutual trust," said Diego Baptista, CEO of Solid, adding that the deal is a natural evolution of a long relationship, as it combines technology, market infrastructure and client relationships that the two companies had built separately, with the aim of breaking down the divide between institutional and margin FX.
- MAS Markets Names Former Equiti Capital and Rostro Risk Chief as CRO
- MAS Markets Revenue Nearly Doubles in 2025 to £6.13 Million
- MAS Markets Bolsters Institutional Operations With Three Senior Appointments
MAS Has Been on a Growth Run Since Its Rebrand
The acquisition comes as MAS has reported sustained revenue growth. The company's net profit for fiscal year 2024 stood at £174,512, up 508 per cent from £28,690 the previous year, after turnover roughly tripled. Revenues rose a further 92 per cent in 2025 to £6.1 million.
In its UK Companies House filings, the company has said it continues to explore both organic and inorganic growth opportunities in the UK and overseas, expecting continued growth in its core and new markets. The Solid acquisition fits that stated trajectory, marking MAS's move from a company that once accepted outside investment into one now acquiring an outside stake of its own.
This is not the first collaboration between the two firms. The companies had previously partnered so that BidX Markets clients could access Solid's global institutional FX liquidity and technology, along with liquidity management services and detailed breakdowns of trading activity and mark outs. That earlier tie-up laid the groundwork for the current deal, which the companies frame as part of MAS's longer-term strategy of expanding its institutional ecosystem through partnerships and technology investment.
Neither company disclosed the size of the stake acquired or the financial terms of the transaction. A timeline for the completion of the full acquisition was also not specified.
