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ING to buy 75% stake in international card acquirer and payments platform Payvision

BBR Staff Writer Published 29 January 2018

Dutch Banking and financial services firm ING has agreed to purchase a 75% stake in international card acquirer and payments platform, Payvision, for around €360m.

Established in 2002, Payvision is specialized in global card processing for the e-commerce market.

The company’s platform supports over 80 payment methods, including Maestro, Visa, iDEAL, Alipay, JCB and Union Pay across more than 150 currencies.

Based in Amsterdam of Netherlands, the company offers services in more than 40 countries with ffices in New York, Utah, Madrid, Paris, London, Berlin, Singapore, Hong Kong, Macau, and New Zealand.

The deal is expected to complete in the first quarter of this year.

Once the deal concludes, Payvision’s founding management team will have a 25% stake and continue to manage the firm.

ING CEO Ralph Hamers said: “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.

“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.”

Payvision founder and CEO Rudolf Booker said: “It’s with great excitement that we’re announcing the partnership with ING today. Within 15 years of the company’s inception, we feel it’s the right time to make such a strategic step to strengthen the company’s foothold in the payments industry.”

In October 2017, ING launched €300m fund for investing in fintech companies. ING Ventures is a new fund that will help to expand the existing portfolio of investments in the next four years.

Image: ING's new head office. Photo: courtesy of ING Group / Flickr.