HPS set to acquire digital banking and payment software provider CR2
Morocco’s HPS is set to acquire Irish digital banking and payments software company CR2 for an undisclosed sum.
HPS set to acquire CR2
The deal includes all of CR2’s assets and technology, including its flagship BankWorld platform.
Launched in 2000, BankWorld currently powers over 90 banks worldwide. The platform provides a suite of digital banking, digital wallet and payment functionalities, while also providing access to third-party fintech services through a partner ecosystem.
Payment software provider HPS says it plans to combine its latest purchase’s digital banking solutions with the card management and payment processing solutions contained in its PowerCard suite, with the company saying the combination marks “an important strategic milestone” in its international growth plan.
The company’s PowerCard suite has been built to help banks and other financial institutions better manage aspects of card issuing, acquiring and transaction processing.
HPS says that the acquisition of CR2, which follows previous deals to buy Moroccan payment infrastructure firm IPRC and payment processor ICPS in Mauritius in 2021, will “strengthen its value proposition” and “help existing and new customers address their increasingly complex challenges”.
Abdeslam Alaoui Smaili, co-founder and CEO of HPS, says CR2’s “differentiated” capability set “is a strong fit for HPS and adds significant depth and breadth to our platform”.
The transaction is subject to customary regulatory conditions and is forecast to close “in the coming months”.
