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R4I – Let us know more about the high-risk payment processors CardOneMoney and FairFX!

We have brought an update on the offshore activities of the CySEC-regulated IC Markets group. The broker onboarded clients from Europe through its offshore entity Raw Trading Ltd in Seychelles. Through these, European customers are accepted without proper KYC/AML and can make bank transfers to the FCA-regulated Spectrum Payment Services Limited d/b/a CardOneMoney. That's part of the listed fintech Equals Group PLC. We'd like to know more about it.

Today, we have brought an update on the offshore activities of the CySEC-regulated IC Markets group. The broker onboarded clients from Europe through its offshore entity Raw Trading Ltd in Seychelles, which operates at least the websites with the domains www.icmarkets.com and www.icmarkets.sc. Through these, European customers are accepted without proper KYC/AML and can make bank transfers to the FCA-regulated Spectrum Payment Services Limited d/b/a CardOneMoney. That’s part of the listed fintech Equals Group PLC. We’d like to know more about it.

Key data

Trading namesCardOneMoney
FairFX
Equals Money
Domainhttps://www.cardonemoney.com/
Legal entitySpectrum Payment Services Limited
Regulatory regimeUnited Kingdom
FCA reference number 505547
BusinessAuthorized Payment Institution
focused on forex
Related entitiesEquals Group Plc (shareholder)
FairFX PLC (FCA-regulated payment institution
with reference number 488396)
Related individualsIan Strafford-Taylor, CEO
Richard Cooper, CFO.

The narrative

Equals Group EBITDA

Equals Group Plc is a holding company in the UK fintech and forex space. It owns the FCA-regulated payment institution Spectrum Payment Services Limited d/b/a CardOneMoney and FairFX PLC d/b/a FairFX. The company’s shares are listed in the AIM segment of the London Stock Exchange.

By the end of Feb 2022, the company had a market capitalization of GBP 130M. Equals Group revenue in 2021 was £40.4 million compared to £26.8 million for the same period in 2020, an impressive increase of 51%. About 75% of the turnover (transaction volume) comes from forex transactions. Ian Strafford-Tayler is the CEO and Richard Cooper the CFO.

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