Based in Norway, the Open Banking company Neonomics has announced its plans to discontinue its UK subsidiary Ordo, an FCA-authorised provider of payments and data services.
Background of Ordo’s Operations
Neonomics disclosed that Ordo was operational since early 2025 as a part of the Neonomics group. The acquisition marked a significant step in Neonomics’ strategy to expand its presence across both regions, with the aim of scaling offerings for existing and new customers in the UK and Europe.
Since its inception, Ordo has played a pivotal role in driving advancements within Open Banking in the UK. Notably, it introduced low-cost instant payments and hosted VRP solutions to the market.
Rationale Behind Closure
In a statement to Tech.eu, Neonomics’ CEO Christoffer Andvig explained that the decision was driven by a strategic choice to concentrate resources on the Nordic region and broader EU markets, where demand for Neonomics’ Open Finance data and payments solutions is strong.
Andvig further stated that while there’s no immediate plan to return to the UK market, circumstances could change if aligning with their strategy proves beneficial. The impact of this move on Ordo’s workforce is yet to be determined.
Trends in the UK Fintech Sector
Ordo’s decision to close follows similar moves by other fintech firms, including Vyne and Moneyhub. In January 2025, Vyne announced it would cease operations in the UK, citing a focus on more impactful markets. Shortly after, Moneyhub decided to halt its direct-to-consumer app with plans to concentrate on B2B services.
