ING becomes a major shareholder in Payvision, spending EUR270 million on a 75% stake

29 January 2018

INGING, an Amsterdam-based multinational banking and financial services company, has reportedly acquired a 75% stake in Payvision, a Dutch international card acquiring and payment processing platform, for a compensation amounting to 270 million euros. The deal comes after Payvision’s 66% volume increase report for 2017.

Payvision creates a card processing network for over 80 payment methods, including major schemes like Maestro, Visa, JSB, Union Pay, Alipay and iDEAL processing transactions in more than 150 currencies. ING’s major stake in the business of Payvision is an illustration of growing importance the transaction data has for the financial services providers.

Ralph Hamers, speaking for ING, noted that the payments industry being one of the most dynamic environments determines the need for ING to keep the pace and move on with more innovations, hence, strategic deals for purchasing stakes in fintech startups and formation of new ventures comes in line with the overall vision of ING’s constant development. Hamers expressed his confidence that the deal would be of great benefit for their customers.

According to the reports, the deal is scheduled to close within the first quarter of 2018 and after finalization the current management team of Payvision will remain at the helm holding 25% minority stake in the business.

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