Global Blue today announces the acquisition of globally recognised Dynamic Currency Conversion (DCC) and Multi-Currency Processing (MCP) provider Currency Select.
Based in Sydney, Australia, Currency Select enables partners in 21 countries to perform Dynamic Currency Conversion and Multi-Currency Processing transactions through ATMs, Point-Of-Sale (POS) payment terminals and e-Commerce channels.
Currency Select’s end-to-end platform works directly with international Card Schemes (including Visa, MasterCard and UnionPay), to provide authorisation, clearing and settlement services to partners across a wide range of sectors.
Through the acquisition, Global Blue significantly bolsters its global merchant offering, broadening its ATM, e-Commerce and Multi-Currency Processing capabilities. Partners around the world will also benefit from Currency Select’s highly experienced team of payments specialists.
In Australia, Currency Select has provided DCC enabled merchant acquiring services since 2004. The firm operates a direct-to-merchant acquiring business and holds an acquirer licence for UnionPay, making it a flexible partner for Australian businesses. It is the market-leading provider of acquiring services for the Australian hotel market, enabling card acceptance through a single terminal that is fully integrated with Micros Property Management System (PMS) and Micros Food-and-Beverage point of sale systems.
The deal will see Global Blue enlarge its geographical footprint in Asia Pacific and the Middle East, expanding into eight additional markets that include New Zealand, Indonesia, India and United Arab Emirates. Global Blue now operates one of the world’s most robust and innovative DCC businesses, powering transactions in over 28 countries and serving more than 24,000 merchants globally.
Damian Cecchi, Managing Director Currency Select said: “We look forward to continuing our journey under the ownership of Global Blue, leveraging our achievements, capabilities and expertise to continue to innovate in the DCC and MCP payments space. Global Blue’s resources, relationships and focus on international commerce will turbo-charge our ability to innovate our offering, serve more customers and extend our global reach. This acquisition reinforces our business strategies to date, and affirms our plans for the future. We are all very excited about the future and the opportunities ahead of us.”
Jacques Stern, Chief Executive Officer at Global Blue said: “This acquisition greatly enhances Global Blue’s leadership position within the currency processing sector, both in Australia and around the world. Currency Select’s products complement our own offering extremely well and the integration of our two organisations will allow us offer a compelling service to our global partners. We are privileged to be joining forces with a true leader in the currency-processing space.”