DNA Payments acquires card Cutters
DNA Payments, a leading independent vertically integrated payments provider, is continuing its UK growth strategy with the acquisition of Card Cutters, a card acceptance and payment solutions specialist headquartered in Worksop, with operations in the UK and Ireland.
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Card Cutters has been operating since 2009 and has an impressive merchant base in the UK and Ireland. It offers the latest payment technology and merchant services to small independent retailers (SMEs) and larger multi-outlet businesses. The acquisition will also include Card Cutters' Global Card Solutions, which provides merchants with a range of card machine technology and merchant support and Card Cutters' subsidiary in Ireland.
The acquisition will strengthen Card Cutters' product and services offering by aligning with DNA's market-leading range of niche, high-quality solutions and services. The combined expertise and merchant base will also build on DNA's growth ambitions to provide unique opportunities to new, core markets and deliver cutting-edge payment solutions at very competitive rates. As a result, both companies will work together to integrate, develop, and implement new services and goals.
Arif Babayev, Co-Founder of DNA Payments, said: "We're delighted to welcome Card Cutters to the DNA Payments Group; our second acquisition announcement in 2022. Following our £100 million fundraise from Alchemy Partners last year, we continue to expand our presence in the UK and now in Ireland. Card Cutters' merchants will have access to our market-leading service propositions and product set, and we're looking forward to a great future in 2022 and beyond."
EY provided legal transactional support to DNA Payments on the acquisition and support on the financial and tax aspects of the transaction.