Charles Fote is planning a return to the electronic payments business with a brand new holding company, three years after stepping down as chairman and CEO of First Data.
In an interview with the Denver Post, Fote says he will use his own money and funds from two or three private equity firms, to acquire companies in the electronic-payments and money-transfer business.
"It will look like Western Union and First Data put together," Fote told the paper.
Fote says the new company will emphasise what consumers want, for instance by offering electronic currency conversion at the point-of-sale, rather than focussing on the back-end commodity processing. He says the success of the venture will depend on the willingness of merchants to purchase an integrated package rather than pick from a menu of services provided by a host of third parties.
Fote told the Post he has been working on the business plan for the past eight months and will make his first acquisition in September.
Ex-CEO of First Data Corp., makes a power play in Denver