ING makes 75% incision in Payvision
ING has bought a 75% stake in Payvision as it looks for growth and to broaden its payment product portfolio.
Payvision is valued at €360 million and was founded in 2002 in Amsterdam. ING reckons it’s onto a winner as it says the firm registered 66% volume growth in 2017. Payvision also offers a processing platform, 150+ transaction currencies, a reporting interface and a risk management solution.
The firm’s founding management team will hold a 25% minority stake and will continue to lead the company, backed-up by ING’s “retail market share”.
Ralph Hamers, CEO of ING, says to stay a step ahead it has to “constantly innovate” by starting up its own ventures and by “strategically taking minority or majority stakes”.
Payvision also cites the launch of Acapture in 2015 – its data-driven payment solution – which completed its “omnichannel package” for supporting merchants.
Payvision has customers in over 40 countries, and has offices in New York, Utah, Madrid, London, Toronto, Singapore, Tokyo, Hong Kong and Macau.
For this deal, Payvision was advised by Jefferies, the global investment banking firm. The transaction is expected to close in Q1 2018.
Also today (29 January), ING revealed it was one of three Dutch banks that suffered a series of DDoS attacks last weekend (27 and 28 January).
