Swedish tech firm Invuo has sold its stake in contactless payment platform SEQR to fellow FinTech business Glase.
Glase bought up the business for SEK8m in cash after Invuo made the decision to focus solely on B2B last month.
SEQR is a contactless payment app that allows its customers to tap and pay, scan and pay, send money, keep control of receipts and gain up to three per cent back on each transaction made through it. It has more than 5,200 merchants using its service, including McDonalds, Hemköp and Ur&Penn.
The platform was developed by Seamless, which was founded in 2001 and now handles more than 3.1bn transactions through 525,000 outlets.
The transaction is expected to close before the end of 2017, when SEQR and all associated costs are taken over by Glase.
Invuo CEO John Longhurst said, “The sale of SEQR completes another key element of Invuo’s turnaround initiated in July this year, and enables us to enter 2018 with full focus on our B2B businesses, MeaWallet and eProducts.
“We can now focus on delighting our clients, and our investors.”
The deal comes just days after FinTech Global reported that Fintrax Group had acquired mobile payments business Planet Payment in a deal worth €219m.
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