FinTech big hitter FIS buys rival Worldpay

UK payment processing firm Worldpay has been bought by US-based FinTech giant Fidelity National Information Services (FIS) for $35 billion in cash and shares, plus WorldPay's debt.

The latter used to be owned by RBS but was sold as a condition of the bank's financial crisis bailout.

“Scale matters in our rapidly changing industry,” says Gary Norcross, Chairman, President and CEO, FIS. “Upon closing later this year, our two powerhouse organisations will combine forces to offer a customer-driven combination of scale, global presence and the industry’s broadest range of global financial solutions.”

“As a combined organisation, we will bring the most modern solutions targeted at the highest growth markets. The long-term value we will create for clients and for shareholders will set the bar in our industry and will create a range of new career opportunities for our employees. I have never been more excited about the future of FIS.”