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Credit card issuer Newday to purchase finance platform Deko

January 10, 2020 / Finextra
SHARESHARESHARE

UK credit card issuer NewDay is set to acquire retail finance platform Deko in bid to diversify its offering. It has been reported by Sky News that NewDay is sizing up the opportunities that technology platforms offer in payments and credit. Deko offers instalment credit and consumer loans via a panel of lenders, processing more than £2 billion in lending volumes over the last decade. The deal has been referred to by one source as a "collision point" between NewDay's payments and credit operations. Deko will continue as a standalone business after its acquisition, which is subject to regulatory approval. The deal is worth a reported £40m, in what is NewDay's first transaction under new chief executive John Hourican. Hourican, the former RBS executive, left his role as chief executive of Bank of Cyprus to take charge of NewDay in March 2019.