ING has acquired a 75 per cent stake in omnichannel payments service provider Payvision, in a deal worth €360m.
As part of the transaction, Payvision’s founding management team will retain a 25 per cent minority stake in the company.
The acquisition was made to enable ING to boost its omnichannel payments footprint and expand its merchant services for clients. This investment is part of ING’s Think Forward strategy and hopes to improve payment options for its customers around the world.
Founded in 2002, Payvision is an international card acquirer and payments platform that connects payment service providers and global merchants. The company facilitates over 80 payment methods including Visa, Alipay, Maestro, Union Pay and others across 150 currencies.
Some of the company’s solutions include global card processing, cross border e-commerce, risk management, and mobile payments.
ING CEO Ralph Hamers said, “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.”
Last year, ING launched a €300m venture fund to support the FinTech sector, particularly companies that have gained traction in the market. The vehicle, which was fully funded by ING, will support its Think Forward strategy and will look to invest in countries where ING already has a presence or plan to expand to.205.1 338.3
The UK payments and remittance sector saw over 1.5-times the capital invested than 2016. Last year, $338m was invested in to UK-based companies in the area, while in 2016, only $205m was deployed.