Private equity house Equistone Partners Europe has agreed to pick up a majority stake in cross-border payments services provider Small World Financial Services.
Existing backers including FPE Capital and MMC Ventures will sell their holdings in the UK-headquartered business through the deal.
Small World’s tech-driven platform allows customers to make cross-border payments anywhere in the world through its physical network of over 6,000 third-party send-side agents and 80 branches. The company currently employs about 680 people across 16 countries and generates revenues in excess of £110m.
The company allows a variety of payment methods including cash pick-up, account transfer, mobile top-up, mobile wallet, and home delivery.
Equistone partner Andrew Backen said, “Small World is a well-positioned, strongly growing business led by a talented and experienced management team. Demand for cross-border payments is increasing due to macro-demographic trends, and Small World’s high-quality customer proposition and scalable business model position it to achieve further organic and acquisitive growth.
“Equistone has a successful track record of investing in financial services businesses in the UK and internationally, and we are excited about working with [chief executive Nick Day] and his team to support the company’s continued development.”
Earlier this month Equistone wrapped up its latest fund after raising €2.8bn, taking just four months to reach that total. The fund cruised past the €2bn raised for its predecessor three years ago, and comfortably beat its target to close on its hard cap.
Equistone said the vehicle will invest in European buyout transactions valued between €50m and €500m, targeting businesses in Western Europe with a strong growth potential.
Small World kicked off the year with a partnership with global payment processing platform Ingenico Group to help expand its international footprint.
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