ING buys into Payvision

Payvision is to sell a stake of 75% to ING. The Dutch merchant acquirer and omnichannel payment provider, valued at €360 million, says that the move will “create a new synergy that will accelerate its ambitious growth plans within the dynamic payments market, extend its global network and broaden its payment product portfolio". The deal is expected to close in the first quarter of 2018.

Payvision’s founding management team will hold a 25% stake and will continue to head up the company. Rudolf Booker, founder and CEO, says: “Within 15 years of the company’s inception, we feel it’s the right time to make such a strategic step to strengthen the company’s foothold in the payments industry. This investment in the payments market, made by one of the world’s most innovative financial and banking services brands, acknowledges our vision to deliver leading payments capabilities to support customers to maximise their revenues.”

Ralph Hamers, CEO at ING, comments: “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. We do that by starting up own ventures and by strategically taking minority or majority stakes. 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.”