MAS Markets Buys a Slice of Solid, Three Years After Solid Bought a Piece of It

MAS Group, the London-based institutional liquidity and technology provider, announced on July 29 that it has acquired a strategic equity stake in Solid, marking the first step toward a full acquisition to be completed over the next several years.

The move reverses the direction of a relationship that began in 2022, when Solid, a non-bank market maker, took a 9.9 percent minority stake in MAS (then known as BidX Markets). Simon Blackledge has continued to own more than 75 percent of the company, which rebranded as MAS Markets in early 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.

Solid operates exclusively in spot foreign exchange, serving institutional clients, while MAS has built its business primarily around margin trading under an FCA licence. The acquisition gives MAS direct exposure to Solid's spot FX client base, and Solid's clients gain access to MAS's regulatory framework and broader product suite. Both companies confirmed that client relationships, service levels and points of contact will remain unchanged during integration.

"Partnering with MAS is a natural evolution of a relationship built over many years of mutual trust," said Diego Baptista, CEO of Solid, adding that the deal combines technology, market infrastructure and client relationships to break down the divide between institutional and margin FX.

The acquisition follows sustained revenue growth for MAS. Net profit for fiscal year 2024 stood at £174,512, up 508 percent from £28,690 the prior year, after turnover roughly tripled. Revenues rose a further 92 percent in 2025 to £6.1 million. In its UK Companies House filings, MAS said it continues to explore organic and inorganic growth opportunities, and the Solid deal fits that trajectory.

The companies had previously partnered to give BidX Markets clients access to Solid's global institutional FX liquidity and technology. Neither company disclosed the size of the stake acquired or financial terms. A timeline for the full acquisition was also not specified.