ING Bank will acquire a majority stake in Amsterdam-based Payvision, a payments processor company that powers more than 80 separate payment methods for clients, the companies announced today. The financial institution will buy 75% of Payvision, as reported by the Financial Times, with the company valued at about $445 million. Payvision’s own team will hold onto its 25% stake after the deal is closed, which is expected to happen this quarter. For the deal, Payvision was advised by global banking investment firm Jefferies. Ralph Hamers, CEO of ING, said in a press release: 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 our 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. Read more at the Financial Times, GlobeNewsWire, and Finextra. To learn more about the latest developments in online payments, join us on March 5-6, 2018 at the Parc 55 in San Francisco for Bank Innovation 2018. Click here to request an invitation.
ING Bank is to acquire 75% of payments processor Payvision. Amsterdam-based Payvision provides over 80 different payment methods and is valued at about $445m. The acquisition will give the Dutch bank a presence in Europe that it has lacked since its founding in 1994. ING's CEO, Ralph Hamers, said Payvision was a great business with proven technology in an area where the Dutch bank wants to grow, adding he was confident customers would "strongly benefit from this investment".