İşbank’s fintech subsidiary Moka United has acquired Affiniture Cards in an effort to further expand the UK market presence of its digital banking brand RUUT. The terms of the transaction have not been disclosed.
Headquartered in Wrexham, Affiniture Cards serves as the exclusive UK issuer for Diners Club International (DCI), a charge card company that recently changed hands when Capital One acquired its parent company Discover Financial Services for $35.3 billion in May.
Affiniture Cards has maintained control of the DCI franchise in the UK since 2012, when it purchased the business from former issuer Citigroup. The company is registered with the Financial Conduct Authority as both an Authorised Payment Institution and a Consumer Credit Firm, and also operates in Ireland, France, Belgium and the Netherlands.
Moka United, established through the merger of Turkish fintechs Moka and United Payment in March, will use the now completed acquisition of Affiniture Cards to fortify the regional presence of its RUUT business. RUUT started out in 2020 as a mobile application called ParaGonder, which facilitated payment transfers between Türkiye and Kosovo, and Germany and Austria.
A rebranding exercise executed two years ago saw the app expand with EU-wide cross-border payment capabilities, while Moka United more recently partnered with Algbra Labs in August to develop a full suite of digital banking services for the UK with the London-based vendor’s Fintech-as-a-Service platform.
Speaking on the acquisition of Affiniture Cards, Moka United CEO Halim Memiş says the deal provides “a gateway to Europe and global markets”, while also praising the UK’s “vibrant and forward-looking fintech ecosystem”.
Source: https://www.fintechfutures.com/
