London-based institutional liquidity provider MAS Group has taken a strategic equity stake in Solid, a non-bank market maker, reversing the direction of their financial relationship. The acquisition, announced on July 29, marks the first step toward a full takeover to be completed over several years. This move shifts MAS from a recipient of investment to a buyer of equity in a firm that previously owned a minority share of the London-based group.
The transaction reverses the direction of a deal made in 2022. At that time, Solid acquired an undisclosed 9.9 percent stake in MAS, which was then known as BidX Markets. Solid has since maintained its ownership, while founder Simon Blackledge has continued to own more than 75 percent of the company. BidX rebranded as MAS Markets early in 2024.
It expands our presence beyond our core margin business and provides exposure to the global spot FX market through a highly respected partner with an established institutional client base, said Simon Blackledge, CEO of MAS Group.
While Solid operates exclusively in spot foreign exchange, serving institutional clients across multiple markets, MAS has built its business primarily around margin trading backed by an FCA licence. The agreement gives MAS direct exposure to Solid’s client base, while Solid’s clients gain access to the broader product suite and regulatory framework provided by MAS.
Related: Startups still hunting elusive billion-dollar dreams
Partnering with MAS is a natural evolution of a relationship built over many years of mutual trust, said Diego Baptista, CEO of Solid. The companies stated that client relationships, service levels, and points of contact will remain unchanged as integration proceeds.
This acquisition fits a period of sustained revenue growth for MAS. The company’s net profit for fiscal year 2024 stood at £174,512, up 508 percent from £28,690 the previous year, as turnover roughly tripled. Revenues rose a further 92 percent in 2025 to £6.1 million.
In its UK Companies House filings, the company has said it continues to explore both organic and inorganic growth opportunities in the UK and overseas. The Solid acquisition marks a shift for MAS, moving from a company that accepted outside investment into one acquiring an outside stake of its own.
The companies had previously partnered so that BidX Markets clients could access Solid’s global institutional FX liquidity and technology. That earlier tie-up laid the groundwork for the current deal, which the firms frame as part of a longer-term strategy of expanding their institutional ecosystem. Neither company disclosed the size of the stake acquired or the financial terms of the transaction. A timeline for the completion of the full acquisition was not specified.