Nukkleus to Acquire Mercury Global to Enhance Cross-Border Payments Offerings

FinTech company Nukkleus has signed a term sheet for the acquisition of cross-border payments firm Mercury Global.

This move marks Nukkleus’ expansion in the world of cross-border payments, the company said in a Wednesday (Feb. 14) press release.

By integrating Mercury Global, which has operations in London and South Africa, Nukkleus aims to strengthen its market position and enhance its service offerings, ensuring greater efficiency, security and inclusivity across the financial ecosystem, according to the release. 

The transaction is subject to regulatory approval, the release said.

The proposed agreement entails Nukkleus acquiring the entire issued share capital of Mercury Global, with the purchase price to be settled in a combination of Nukkleus common stock and cash, per the release. The deal includes an initial equity issue at closing, followed by additional earn-out payments in equity and cash. These subsequent payments are contingent upon achieving certain milestones related to business volume and client growth, employee retention, banking relationships and the successful integration of technology.

The acquisition of Mercury Global is a significant step for Nukkleus, as it strengthens its presence in the cross-border payments market, Emil Assentato, CEO of Nukkleus, said in the release.

Mercury Global’s strong regulatory standing in the United Kingdom, its strategic presence in South Africa as a gateway to the Southern African Development Community (SADC) market, and its robust banking partnerships make it an invaluable addition to Nukkleus, Assentato said.

“We are poised to unlock new and enhanced revenue streams, thanks to increased volumes and an expanded service offering,” Assentato said.

Alastair Constance, CEO of Mercury Global, said in the release that joining forces with Nukkleus aligns with the company’s vision to expand its cross-border payments capabilities. 

“Nukkleus’ innovative approach and commitment to growth make them the perfect partner as we embark on this journey together,” Constance said. 

In another recent move, Nukkleus said in January that it has teamed up with Tantel Group to expand its presence in Africa and tap into that continent’s $1.5 trillion B2B payments market.

This partnership aims to combine the technology of Nukkleus’ subsidiary Digital RFQ (DRFQ) with the local expertise of Tantel Group to enhance Africa’s payment infrastructure.