Payvision, a global merchant acquirer and omnichannel payment provider, announced today the successful closing of the transaction to sell 75% stake to ING Group. After twelve weeks from the partnership announcement and following the receipt of all required regulatory approvals such as the approval of the central bank of the Netherlands, DNB, all conditions for the acquisition have been successfully fulfilled.
As previously announced, Payvision’s founding management team will continue to lead the company, holding a 25% minority stake.
Payvision’s business rationale to secure a strategic investment from ING was twofold:
- To accelerate innovation and growth plans building on the traction registered in 2016 and 2017, (66% volume growth) and make a new step within the payments space.
- Commercially, together with ING, Payvision is able to offer a wider proposition, with expanded capabilities such as faster remittance and pre-financing.
Furthermore, Payvision’s commercial appeal to merchants and verticals will increase and enable the company to serve its clients better, by fulfilling more touchpoints in the payment ecosystem via a one-stop shop solution.
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Essentially, one of the main strengths of this strategic partnership stays in the combined offering of payment and banking products, unique in the market, enabling ING’s existing clients to easily access Payvision’s omnichannel, data-driven payment solutions.