IFX Payments has reached an agreement in principle to acquire Argentex Group PLC. The deal brings together two companies active in the UK payments and foreign exchange (FX) markets.

Argentex is a publicly listed company. It offers foreign exchange services and is authorised as an electronic money institution. The company serves institutions, corporates, and high-net-worth individuals.

IFX Payments Announces Argentex Acquisition Deal

“We are very pleased to announce the proposed acquisition of Argentex, which will enhance our regulated capabilities, diversify our product portfolio, particularly in FX risk management and institutional offering, and further expand our geographical reach and network,” Will Marwick, CEO at IFX Payments said.

Argentex was founded in 2012. It joined the London Stock Exchange’s AIM market in 2019, raising £14 million at the time. Its market capitalisation reached £120 million. By 2022, the firm had processed over US$200 billion in FX transactions across more than 140 currencies. Argentex also has offices in Amsterdam, Australia, and Dubai.

“We look forward to the Argentex team joining us and working together towards our shared ambitions in the rapidly growing global payments and currency risk management solutions sectors,” Marwick added.

You may find it interesting at FinanceMagnates.com: Argentex Expands Global Reach with AFSL for Currency Risk Management.

Gaining Institutional Reach

IFX Payments is an alternative banking partner. It is seeking to expand its presence in EMEA. The proposed acquisition forms part of its strategy to grow its services for corporates and financial institutions.

If the acquisition is completed, IFX will gain additional regulatory coverage and access to a broader institutional client base. The deal would also enable IFX to offer structured FX products and fund-related services. Argentex clients will be able to use IFX’s ibanq platform and other technical features.