Angra is a FCA-approved approved Authorised Payment Institution. Credit: DocuSign on Unsplash.

GSTechnologies, a provider of integrated information and communication technology infrastructure solution, has agreed to buy UK-based foreign exchange and payment services firm Angra.

Under the deal, GST will purchase 100% of the issued share capital of Angra for a consideration of £800,000 from Angra director and sole shareholder Rodolfo Basilio.

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In addition, Basilio will assign his £100,000 loan to Angra to the GST for a nominal consideration.

The transaction is expected to close by the end of next month, subject to final due diligence and regulatory approval.

Angra, which operates as AngraFX, is a Financial Conduct Authority (FCA) approved Authorised Payment Institution (API).s

The firm processed transactions worth £64.0m in the year ended 30 September 2020.

During this period, the firm had gross assets of £1.7m, and it registered profit before tax of approximately £69,000.

Basilio and his team are expected to remain with the firm following the close of the deal.

GST chairman Tone Goh remarked that the deal would help the company accelerate the development of its blockchain enabled neobanking business.

Goh commented: “Subject to the completion of our remaining due diligence, and the receipt of FCA approval, the acquisition of Angra will provide an established base on which to build our planned UK business.”

GST was seeking to obtain API licence in the UK to launch a remittance business in the UK and to rollout a stablecoin network and applications that are being developed in tie-up Wise MPay.

The company stated that it will now not continue its process to obtain a separate API licence, given the conditional acquisition of Angra.