Payvision secures strategic investment from ING Group
Speeding up further innovation in the payments space and business growth
Payvision, a global merchant acquirer and omnichannel payment provider, announced today a strategic partnership with ING, one of the largest European banks, with a strong international network. Payvision has agreed to sell a majority stake of 75%, creating a new synergy that will accelerate its ambitious growth plans within the dynamic payments market, extend its global network and broaden its payment product portfolio. Payvision is valued at €360 million.
Founded in 2002, in Amsterdam, Payvision is at the forefront of the payments industry and it has been growing at a very fast pace, registering a robust 66% volume growth in 2017. With the launch of Acapture, a new, scalable, data-driven payment service provider, in 2015, Payvision aims to bolster group’s position as a global merchant acquirer and omnichannel payment provider. The partnership with ING builds on Payvision’s strong foundation in the acquiring space and will support company’s goal to create innovative, tailor-made payments products designed for the fast-paced international retail environment.
According to the deal, Payvision’s founding management team will hold a 25% minority stake and will continue to lead the company, backed-up by ING’s global presence and retail market share, its vast experience in financial services and its ability to streamline payment products.
Rudolf Booker, founder and CEO of Payvision, said: “It’s with great excitement that we’re announcing the partnership with ING today. Within 15 years of the company’s inception, we feel it’s the right time to make such a strategic step to strengthen the company’s foothold in the payments industry”. “This investment in the payments market, made by one of the world’s most innovative financial and banking services brands, acknowledges our vision to deliver leading payments capabilities to support customers to maximize their revenues.”, continued Booker.
Ralph Hamers, CEO of ING said: “The payments sector is one of the most dynamic areas of the financial services industry. In order to stay a step ahead, ING has to constantly innovate. We do that by starting up own ventures and by strategically taking minority or majority stakes. Payvision’s founding team has developed a great business with a proven technology in an area where ING wants to grow. We are confident our customers will strongly benefit from this investment.”
For this deal, Payvision was advised by Jefferies, the global investment banking firm. The transaction is expected to close in the 1st quarter of 2018.