Dutch bank ING has taken a step into the increasingly popular world of payments processing, scooping up a majority stake in Payvision in a deal valuing the company at €360m (£317m).
Payvision is selling a 75 per cent stake to ING, while its founding management team will hold on to the remainder and continue to lead the company.
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The partnership will allow ING's business clients to accept payments through "any channel", including online stores and retail terminals, and Payvision's technology supports more than 150 currencies across the US, Europe, Asia and the Pacific.
“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," said the lender's chief executive Ralph Hamers.
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"Payvision’s founding team has developed a great business with a proven technology in an area where ING wants to grow. We are confident our customers will strongly benefit from this investment.”
Payment processing, despite its seemingly dull nature, has produced some of the most notable deals of the past few years. Worldpay made headlines last year as it confirmed an £8bn merger with Vantiv, while Paysafe cashed in after a £2.96bn offer from private equity houses Blackstone and CVC.
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