By ING Nederland [CC BY-SA 2.0] via Wikimedia Commons
Dutch bank ING has entered the increasingly popular world of payment processing, taking up a majority stake in Payvision in a deal that is valuing the company at €360m (£317m).
Payvision is selling a 75 percent stake to ING, while the founding management team of the company will retain the remainder and proceed to lead the company.
The partnership will allow the business clients of ING to accept payments through “any channel,” including and retail terminals and online stores, and the technology of Payvision supports over 150 currencies across the United States, Europe, Asia and the Pacific.
Ralph Hamers, the chief executive of the lender, stated: “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.”
Despite its apparently dull nature, Payment processing has produced some of the most distinguished deals during the past few years. Worldpay made headlines in 2017 as it confirmed a merger that is worth £8bn with Vantiv, while Paysafe cashed in following an offer from private equity houses CVC and Blackstone amounting to £2.96bn.