Irish fintech Planet will double the value of transactions processed to €45bn a yr after shopping for 3C Fee, a Luxembourg-based agency that specialises within the retail, hospitality and parking sectors.
The acquisition comes as Planet’s father or mother, French buyout fund Eurazeo Capital, has postponed plans to promote the enterprise for as much as two years due to the collapse in worldwide journey.
Most of Planet’s enterprise comes from VAT refunds for vacationers and from dynamic foreign money conversion, which permits items priced in foreign exchange to be paid for in buyers’ house foreign money.
“Planet, which has increased its revenue by 15% each year since 2015, reacted rapidly to the crisis caused by the outbreak of Covid-19,” Eurazeo stated. “This enabled the corporate to safeguard its robust cash place