Mon, 24 Jun 2019 | BUSINESS SALE
Sheffield-based U Holdings Limited, which trades under the name U Account, has been acquired by home-collected credit lender Morses Club.
The digital current account provider has been snapped up in an initial £5.2 million deal, with a deferred consideration of up to another £5 million. The remaining sum will be payable in cash over the next four years to February 2023, subject to meeting particular net profit criteria.
U Account provides a range of card services and in-app features to allow customers to handle their finances in an efficient manner. It is expected that U Account’s services will prove complementary to Morses Club’s offerings and clients – 235,000 of whom expressed an interest in opening an online current account.
As a result of the acquisition, Morses Club has taken over U Account’s digital banking platform and other technology, as well its 20,000 existing active customers.
Chief executive of Morses Club, Paul Smith, commented: “This acquisition represents a fantastic opportunity to enter the rapidly growing online banking market.
“U Account features the full suite of digital banking services and has grown its customer base to c.20,000 active customers. U Account’s offering is highly complementary to that of Morses Club, and through this acquisition, we expect to deliver significant synergies and cross-selling opportunities.
“This is another exciting step for Morses Club as, consistent with our stated strategy, we continue to diversify our product offering to serve a broader range of customers across the non-standard credit space.
“Our differentiated use of technology enables Morses Club’s customers to access a broader range of more flexible and suitable credit.”
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