Fexco, the global financial services group, today announces that it has completed the acquisition and subsequent funding of mobile payments and loyalty start-up, FLASHiZ, in partnership with BNP Paribas Personal Finance.
The Luxembourg based FLASHiZ, founded in 2011, specialises in the delivery of mobile payment solutions using both QR codes and NFC to enable consumers to pay in shops, online, make peer-to-peer transfers and pay paper invoices.
The FLASHiZ platform greatly simplifies merchant integration and opens up a new mobile payment method for consumers. Merchants can use the platform to link a variety of payment methods with loyalty and couponing functionality in a way that forges deeper relationships with their own customers. Deployed at more than 500 outlets, the company has built up a steady pipeline of new deployments in key European markets.
FEXCO's extensive portfolio of businesses includes Currency Exchange, International Payments, Dynamic Currency Conversion and Managed Business Services. Existing FEXCO services are currently deployed through a global network of acquiring banks to more than 70,000 niche merchant locations.
"We're extremely happy to welcome FLASHiZ as an integral part of the FEXCO Group" says Gavin O'Neill, Group Managing Director of FEXCO. "We strongly believe in the potential of the company and its global technological and strategic lead position. Together with our key strategic partners, we're confident that we'll be able to position FLASHiZ as a worldwide market leader in the area of mobile payment solutions."
FEXCO is joined in the acquisition by BNP Paribas Personal Finance which has taken a strategic minority shareholding in FLASHiZ. The new shareholders will continue to finance FLASHiZ's global expansion and feature additions to its omni-channel product set. BNP Paribas Personal Finance is a 100% subsidiary of the BNP Paribas Group and the leader in France and in Europe for personal loans. BNP Paribas Personal Finance will play a decisive role in the future distribution strategy of FLASHiZ.
"BNP Paribas Personal Finance has supported the development of major retailers since 1953, working with them to ininnovate new payment methods as well as in-store and online credit. This engagement with FLASHiZ shows our desire to accelerate the development of technological solutions in the service of our partners' growth" says Thierry Laborde, CEO of BNP Paribas Personal Finance.
"We're very proud to become part of the FEXCO Group" says Alexandre Rochegude, co-founder and CEO of FLASHiZ, "FEXCO brings not only high-end technology knowhow and a unique track record in managed service delivery, but also a global network of partners that will allow us to speed-up both our European and international development."