Equals Group

What Equals Group does

Equals Group PLC, formerly FairFX, is a London-headquartered financial services company founded in 2007 and listed on the London Stock Exchange (LSE: EQLS) until agreeing to a £283 million takeover by Alakazam Holdings Bidco Ltd. in December 2024. The company operates the Equals Money platform, which provides spend management, prepaid Mastercard expense cards, international payments, multi-currency balance management, and embedded finance infrastructure for over 50,000 businesses across 30-plus markets in the UK, continental Europe, and the United States. Core products include the Equals Money Platform, Expense Management, Prepaid Expense Cards, International Payments, and FX Forwards, with cards issued through Cross River Bank under FDIC-insured arrangements and FCA authorization governing UK operations.

The platform's technology foundation combines proprietary multi-currency money movement infrastructure with open banking payments capability acquired through Roqqett Limited in November 2022. Following a 2024 merger with Railsr, the combined entity operates under the Equals brand with expanded payments, banking, and embedded finance services. The company targets business and enterprise customers managing cross-border operations, including film and TV production companies and hospitality operators, while increasingly embedding financial services into banks, fintechs, trading platforms, and digital asset exchanges via APIs. Revenue is generated primarily through transaction fees on card spend and FX, with subscription-style recurring revenue from embedded finance integrations. Notable customers and partners include Metro Bank (FX Forwards distribution partner), Cross River Bank (card issuance), and Visa Consulting & Analytics (joint embedded finance research).

Name

Equals Group

Legal name

FairFX Plc

Website

https://equalsplc.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Equals Group operates the Equals Money platform, providing prepaid expense cards, international payments, FX services, and embedded finance infrastructure to over 50,000 businesses across 30+ markets in the UK, Europe, and the US.

Ownership category

akta.pro rank

Product category

Embedded Payments and Corporate Expense Management

NAICS

Credit Card Issuing (522210), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

akta.pro primary industry

Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB)

akta.pro secondary industries

Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure (FSAGABAE), Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE), Reconciliation, Ledgering & Money Movement Ops (Sub-ledgers, Settlement, Reporting) (FSAGALAL)

Keywords

• Embedded finance platform
• Corporate expense cards
• Multi-currency payments
• Foreign exchange services
• Open banking APIs

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Payment Card Services: Prepaid expense cards for business spending with real-time monitoring, transaction controls, and budget management capabilities
2. B2B Payments: Business payment solutions including international money movement, currency exchange, and expense management services
3. Embedded Finance Solutions: API-driven embedded finance infrastructure enabling financial services integration for enterprise clients and trading platforms

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Equals Group operates the Equals Money Platform, a global money movement and embedded finance offering built for businesses and consumers. Its portfolio centers on corporate prepaid Mastercard expense cards, real-time spend management and multi-currency balance controls, international payments and FX, and an FX Forwards hedging service operated in partnership with Metro Bank. The platform also provides API-driven embedded finance infrastructure for banks, fintechs, trading platforms, and digital asset exchanges across 30+ markets.

Product overview

Equals Group operates the Equals Money platform, a unified embedded finance platform offering spend management, prepaid expense cards, international payments, and balance management tools. The platform serves both B2B and B2C clients across 30-plus markets, integrating real-time expense monitoring, mobile wallet support (Apple Pay, Google Wallet), and FX services. The portfolio includes core expense management and prepaid cards, enhanced by the acquired Roqqett open banking technology and the Metro Bank-partnered FX Forwards service.

Differentiator

Problem solved

Functional benefit

Products and services

• Equals Money Platform Unified global money movement and embedded finance platform that streamlines money management for businesses and consumers, offering spend management, international payments, expense cards, and balance management across 30-plus markets.
• Expense Management Corporate expense management solution using Equals cards for global use with real-time spend monitoring, balance separation by project/location/department/person, and consolidated business spend visibility.
• Prepaid Expense Cards Corporate prepaid Mastercard cards enabling teams to spend globally while administrators budget, monitor transactions, and set limits. Cards integrate with Apple Pay and Google Wallet.
• International Payments Foreign currency exchange and international payment services that enable sending money globally across multiple currencies and markets.
• FX Forwards FX Forwards service enabling commercial and corporate clients to manage foreign currency exposure and hedge against exchange rate volatility on international transactions. Extends across partner bank Metro Bank's full range of foreign currency offerings.
• Roqqett Open Banking Payments Platform Acquired open banking payments platform enabling secure account-to-account payments and access to financial data for businesses and consumers. Provides licenses for comprehensive open banking services post-FCA approval.

Quantifiable outcome

• 45% of surveyed organizations report that service and support shortcomings among embedded finance providers have limited their ability to capture full business value
• +2 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature3 records

Partnerships

Five partnerships are on record, tiered core and flagship.

• Visa Consulting & AnalyticscoreStrategic or Co-development Partner · 19 June 2026Equals and Visa Consulting & Analytics released joint research on embedded finance service gaps, spanning 150+ senior executives across banks, fintechs, trading platforms and digital asset exchanges in the UK and Western Europe.
• RailsrflagshipStrategic or Co-development Partner · 9 June 2026Equals Money completed formal merger with Railsr over a year prior to June 2026, with combined entity now operating under the Equals brand across 30-plus markets with expanded payments, banking, and embedded finance services.
• Metro BankcoreChannel Partner/ Reseller/ Distributor · 23 March 2026Metro Bank partnered with Equals Money to launch an FX Forwards service enabling commercial and corporate clients to manage foreign currency exposure and hedge against exchange rate volatility. The service extends across all Metro Bank's foreign currency offerings.
• Roqqett LimitedcoreStrategic or Co-development Partner · 28 November 2022Equals Group acquired open banking payments platform Roqqett for up to £2.25 million, contingent on FCA regulatory approval. The acquisition grants new licenses to access open banking services and expands payment solutions to B2B and B2C clients.
• Cross River BankcoreTechnology or IntegrationThe Equals Money Corporate Prepaid Mastercard is issued by Cross River Bank, Member FDIC. Funds deposited into Equals Money accounts are held at Cross River Bank, Member FDIC, insured up to $250,000.

Scale indicators4 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Plaid: Plaid is a broader incumbent in open banking connectivity and account-to-account payments infrastructure, comparable to the Roqqett-derived capabilities within Equals' embedded finance platform.
• Marqeta: Marqeta is a broader incumbent in card-issuing and embedded payments infrastructure, comparable to Equals' prepaid card and embedded finance rails although Marqeta operates at greater scale.
• Western Union: Western Union is a broad incumbent in international money movement and FX, with overlapping cross-border capabilities to Equals Money though its distribution model is retail-led rather than platform-led.
• Payoneer: Payoneer is a broader incumbent in cross-border B2B payments and multi-currency accounts, comparable to Equals' international payments value proposition though with a larger SMB marketplace focus.

Direct peers

• Currencycloud: Currencycloud (now part of Visa) offers FX and cross-border payment infrastructure APIs to banks and fintechs, closely comparable to Equals' embedded payments and FX Forwards capabilities.
• Wise: Wise (formerly TransferWise) is a direct peer in cross-border money movement, multi-currency business accounts, and FX, competing head-to-head with Equals Money's international payments and multi-currency balances offering.
• Airwallex: Airwallex is a direct peer providing cross-border payments, multi-currency business accounts, and embedded finance APIs targeting SMBs and enterprises, mirroring Equals' B2B money movement platform.
• Revolut: Revolut is a direct competitor offering multi-currency accounts, business expense cards, and FX to both consumer and business customers, overlapping with Equals Money's prepaid cards and FX services.
• Starling Bank: Starling Bank is a UK challenger bank offering business current accounts, expense cards, and FX, competing directly with Equals' B2B money management and prepaid card products in the UK market.

Emerging players

• Remitly: Remitly operates in cross-border money movement and digital financial services with overlapping customer segments in international payments, though its primary focus is consumer remittances rather than Equals' B2B emphasis.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/equals__money
• Facebookfacebook.com/equalsmoney
• LinkedInlinkedin.com/company/equalsmoney

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Equals Group