Fintrax acquires New York payment processor Planet Payment for €219m
Fintrax Group has taken over Planet Payment, a New York-based provider of international and multi-currency processing services, for €219m.
New York-based Planet Payment offers services in 23 countries and territories across Asia Pacific, North America, Middle East, Africa and Europe.
Apart from the New York base, Planet Payment also has offices in Atlanta, Beijing, Bermuda, Delaware, Dubai, Dublin, London, Hong Kong, Mexico City, Shanghai and Singapore.
Among the company’s product offering is a service that enables banks and merchants to offer customised payments to customers in their home currency at the point of sale, online or at the ATM.
The merged entity will process more than €15bn in services related to payment this year. The business will have 40 offices worldwide and a workforce of more than 1,000.
Eurazeo, the majority shareholder of Fintrax Group, will provide €109min funding for the deal.
Commenting on the deal, Fintrax Group CEO Patrick Waldron said: “The purchase of Planet Payment expands our ability to serve our 300,000 global merchants, both directly and through 100 partner banks. Our combined business will operate in 55 countries across five continents, positioning us as a leader in Dynamic Currency Conversion (DCC) and multi-currency processing in North America, Latin America, Asia Pacific, the Middle East, Africa and Europe.”