WorldPay founder moves to buy business back from RBS

WorldPay founder moves to buy business back from RBS

The founder of online payments operator WorldPay, Nick Ogden, has formally approached the Royal Bank of Scotland about buying the business back.

The WorldPay business was one of the assets RBS was told to dispose of by the EU competition watchdog earlier this week as a condition for joining the UK Government's asset protection scheme.

Ogden founded Internet payment processor WorldPay in 1997 before selling it to the Royal Bank of Scotland in 2002.

A spokesman for Ogden confirmed to Finextra that he has formally approached UBS, which is handling the sale, about buying it back. He is also in talks with three private equity groups about financing the deal.

The unit could cost up to £1.5 billion although Ogden will look to pay considerably less now that RBS has had its hand forced by the EU.

After selling WorldPay, Ogden set up Voice Commerce, which has developed a voice-verified authentication system for mobile and Internet payments. Most of the senior management and technology staff at the company also worked with him at WorldPay.

According to Reuters, Ogden may face competition for the RBS WorldPay US business, with the founder of a company that it acquired now expressing an interest in buying it back.

Ogden's spokesman says he wants the whole business but would not pull out if only part of the company was available.

Comments: (2)

A Finextra member
A Finextra member 06 November, 2009, 16:48Be the first to give this comment the thumbs up 0 likes

Nick didn't found Streamline. Streamline existed as the card acquiring business of NatWest long before Worldpay was set up.

Matt White
Matt White - Finextra - Toronto 06 November, 2009, 16:57Be the first to give this comment the thumbs up 0 likes

Yep, my bad Dave. Have ammended.

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