ING buys into Payvision

ING has splashed out Euro 360 million for a 75% stake in omnichannel payments service provider, Payvision.

“As announced on 29th January, the acquisition will strengthen ING’s footprint in omnichannel payments services and support the expansion of our merchant services for business customers, in particular in the fast-growing e-commerce segment,” the Dutch bank said in a statement. “As a result of our combined strengths, business customers will strongly benefit from Payvision’s omnichannel payments platform complemented by ING’s lending and working capital solutions and its worldwide distribution network.”

Payvision’s founding management team will hold a 25% minority stake and will continue to lead the company.