SOFIA (Bulgaria), October 9 (SeeNews) – Bulgaria-based fintech firm Paynetics stated on Friday it acquired by way of its UK enterprise the company payout card portfolio a part of the enterprise of Munich-headquartered peer Wirecard in UK and Eire.
“The deal will see Paynetics work with company clients, who’ve beforehand relied on Wirecard for card issuing and fee companies, to undertake Paynetics for the continuation of their current card programmes,” the Bulgarian e-money firm stated in a press release.
As a part of the acquisition, Paynetics will present its new clients with a quick, safe and seamless transition, along with a strategic product roadmap for the longer term growth of those programmes, which till now confronted the prospect of termination.
“It is a flagship deal for Paynetics, and a vital milestone for us when it comes to our growth within the UK and European markets. However it’s additionally a sport changer for our new clients, who at the moment are in a protected pair of fingers and have the understanding of a transparent roadmap forward for his or her companies,” Valeri Valtchev, co-founder of Paynetics, stated within the assertion.
Paynetics additionally stated it appointed Mike Peplow as CEO of its UK enterprise.
“By means of this acquisition, we now have not solely confirmed our technological competence and the business’s confidence in our proposition, but in addition that our services are match for function for big, company organisations,” Peplow famous within the assertion.
Earlier this 12 months, Paynetics raised 2.5 million euro ($2.9 million) in a funding spherical led by Bulgarian-American Credit score Bank (BACB) and enterprise capital fund New Imaginative and prescient 3. Paynetics plans to take a position the cash in growth of its European enterprise for issuing and accepting of fee playing cards, managing fee accounts and technological e-wallet options, the corporate stated on the time.
Sofia-based Paynetics is a regulated e-money establishment, passported to supply its companies throughout the EU and the UK. It pioneers progressive and complete fee options in card buying and issuing, account administration, bank transfers and e-wallets, in accordance with info revealed on its web site.
Wirecard UK&Eire provides digital fee and threat administration options, banking in addition to again workplace companies tailor-made particularly to the wants of retailers whose enterprise actions are restricted to the British retail market.
($ = 0.8463 euro)