UK-based open banking service provider Ordo is announcing its shutdown.
In a significant development for the UK's open banking sector, Ordo, the country's first licensed open banking provider, is set to close its operations. The closure comes as Neonomics, a Norwegian open banking company that acquired Ordo in 2023, focuses on high-growth opportunities in the Nordic and wider EU markets.
Ordo, established in 2014, was a payments and data service provider, authorised by the Financial Conduct Authority (FCA). The company offered a wide range of open banking solutions, playing a crucial role in the rise of account-to-account payments, an alternative to card payments, driven by open banking technologies.
The purchase of Ordo by Neonomics was made amid a surge in account-to-account payments, reflecting the growing adoption of both Payment Initiation Services (PIS) and Account Information Services (AIS) in the UK. As of February 2025, around 14 million open banking users were recorded, demonstrating the significant growth and ongoing structural development of the UK open banking market.
The regulatory environment is also evolving, with the FCA leading the transition towards a new "Future Entity" expected to become the main standards body overseeing open banking, replacing Open Banking Limited and supporting innovations like variable recurring payments. This shift towards a more coordinated framework under the Future Entity could contribute to market exits or restructuring among smaller or less competitive providers, as seen with the closure of Ordo and the earlier closure of UK account-to-account payment fintech Vyne this year.
The closure of Ordo marks another milestone in the consolidation of the UK open banking sector. However, it is important to note that the available search results do not provide specific information about these providers or their shutdowns. Further specialized or industry-specific sources would be required for detailed insights into these closures.
Despite the closure, Neonomics is investing in new services that leverage the latest open-finance capabilities. The company's CEO and founder, Christoffer Andvig, has stated that they may return to the UK market in the future. The demand for open-finance data and payments solutions is accelerating in the Nordic and wider EU markets, offering Neonomics ample opportunities for growth.
The impact of Ordo's closure on jobs is currently unclear. Meanwhile, other UK open finance and data specialists, such as Moneyhub, have also experienced changes, with the closure of their direct-to-consumer app and reported layoffs of dozens of staff.
As the UK open banking market continues to grow and evolve, the sector is poised for broader expansion beyond banking into open finance, aided by the Data (Use and Access) Act 2025 and strategic regulatory shifts. The overall sector is expected to undergo further consolidation and innovation, shaping the future of financial services in the UK and beyond.
Fintech companies like Ordo and Vyne, once leading players in the UK open banking sector, are undergoing closures or restructuring, signifying a wave of consolidation. Neonomics, having purchased Ordo, is now focusing on high-growth opportunities in the fintech landscape of the Nordic and wider EU markets.
The shift towards open finance by regulatory bodies, such as the FCA's introduction of a "Future Entity," is fostering growth in fintech and data services in regions like the Nordic and EU, potentially opening doors for firms like Neonomics to re-enter the UK market in the future.
