Secure payments and data protection company Entrust announced in a Wednesday (Sept. 22) press release the acquisition of Paris-based FinTech company Antelop Solutions. The deal is expected to close within the next few weeks, according to the announcement.
The company did not disclose the purchase price or any financial information relevant to the acquisition.
By merging with Antelop, which gives financial institutions the ability to issue secure digital credit and debit cards to customers, Entrust will simplify the process of banks adding secure, fully digital credit and debit cards to their mobile wallets, according to the release.
Antelop Solutions, which was founded in 2014, serves more than 40 leading banks in 25 countries. The firm employs roughly 30 employees who will join Entrust as part of the acquisition, according to the press release.
“Consumers want to transact seamlessly and securely, around the world and across platforms,” said Todd Wilkinson, Entrust CEO. “Banks, credit unions and other financial institutions need to make both digital and physical card payment options secure and easy for their cardholders.”
The growth in digital payments has seen a significant increase in the wake of the pandemic. Debit and credit cards and digital wallets saw a net usage increase since the COVID-19 pandemic began in 2020, according to PYMNTS. As part of a PYMNTS Online Security And The Debit-Credit Divide survey of 2,500 U.S. consumers, 41 percent said they prefer using credit cards when paying online, making it the most readily used payment method. Of those surveyed, 28 percent said they have increased online usage of the cards since the pandemic began.
As more financial institutions push toward offering a more expansive digital experience, JP Morgan — the second-largest bank — is focused on ramping up operations and transitioning to fully digital in the U.K., according to PYMNTS. JPMorgan will compete with the likes of Chase, HSBC, and digital-only banks such as Monzo to lure customers to its digital-focused banking.