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Report: Card company NewDay to acquire retail finance platform Deko

U.K.-based NewDay Cards Ltd. is set to acquire retail finance platform Deko for up to £40 million, Sky News reported.

The acquisition is subject to regulatory approval.

The move represented the credit card company's intent to diversify and reduce its reliance on traditional revenue streams, the news website reported, citing insiders.

Deko, which offers loans and installment credit, will continue to run as an independent company after the acquisition.