InnoCells, the innovation hub of Banco Sabadell, has acquired Spanish online payments platform PayTPV. Terms of the deal were not disclosed. Founded in 2016, PayTPV works with B2C and B2B businesses to help them improve sales by combining all of their collection channels - online, telephone, booking system and physical - into a single control panel, simplifying the process of making payments across multiple banks and currencies. Sabadell plans to integrates PayTPV's technology into its offering to merchants, strengthening its position in the Spanish online payments space.Julio Martínez, executive director, InnoCells, says: "The integration of the advanced solution offered by PayTPV and the proven talent of the team there will strengthen Banco Sabadell’s leadership in digital payments, which is a business line that has a huge growth potential."
Spanish online payments platform PayTPV has been acquired by InnoCells, a branch of Banco Sabadell. The acquisition is the latest in an ongoing trend for banks to acquire startups that offer digital payment services. The technology will be integrated into Sabadell’s current offering to merchants.