ING has spent EUR270 million to acquire a 75% stake in international card acquirer and payments platform Payvision.
Founded in 2002, in Amsterdam, Payvision facilitates more than 80 payment methods, including Maestro, Visa, iDEAL, Alipay, JCB and Union Pay across more than 150 currencies. The company registered a robust 66% volume growth in 2017 in an industry segment undergoing a frenzied M&A boom.
The transaction demonstrates how payments transactions data is becoming incrementally important to financial services companies, which are looking to understand and interact with customers in new ways
Ralph Hamers, CEO of ING says: "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 our 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."
The transaction is expected to close in the first quarter of 2018. After completion, Payvision's founding management team will hold a 25% minority stake and will continue to lead the company.