Fintrax Group buys up Planet Payment in ?219m deal

Digital payment processing platform Fintrax Group has bought up multi-currency business Planet Payment in a deal worth ?219m ($257m).

French private equity firm Eurazeo provided ?109m to the financing of the transaction as the majority shareholder of Fintrax.

With the two businesses combined, the pair will employ more than 1,000 staff across 40 offices and process up to ?15bn in payment services in 2017.

Planet Payment is a platform that offers international payment processing services, including a solution that allows banks to offer customers personalised payments in their home currency at the point of sale, online or at an ATM.

The acquisition will combine both of the businesses offerings, extending their reach on a global basis.

Fintrax CEO Patrick Waldron said, ?The purchase of Planet Payment expands our ability to serve our 300,000 global merchants, both directly and through 100 partner banks. We look forward to working with Carl Williams and his team, who have built an impressive business with some of the world leading acquirers and banks.p>

Payment Planet CEO Carl Williams added, ?We are excited to join the Fintrax organisation and to combine our unique products and services, adding more value to our banks and acquirers.p>

The deal comes just days after FinTech Global reported that global payments solution provider TSYS had acquired payment technology developer Cayan in a deal worth $1.05bn.

Copyright ? 2017 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.