ING announced Monday (Jan. 29) that it has purchased a 75 percent position in Payvision, the omnichannel payments service provider.
In a press release, ING said Payvision has a value of EUR 360 million. The acquisition will enable ING to strengthen its omnichannel payments services business and to expand the merchant services it offers to its business customers, with a focus on the quickly growing eCommerce market.
“The payments sector is one of the most dynamic areas of the financial services industry," said Ralph Hamers, chief executive of ING, in the press release. "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."
According to ING, the acquisition of a majority stake in Payvision is the latest in the company's efforts to invest in financial services companies that have innovative products and support its Think Forward strategy. By offering Payvision’s solution, ING hopes to enable its business customers to accept payments through any channel, including store terminals, online and via any type of device. The Payvision platform enables more than eight payment methods across more than 150 currencies.
"It's with great excitement that we're announcing the partnership with ING today,” said Rudolf Booker, founder and CEO of Payvision. “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 [and] maximize their revenues."