London-based FinTech Invests £70 million in Payment Acquisitions
(05 November 2020 – United Kingdom) A London-based Financial Technology (FinTech) company ‘PayPoint’ has acquired two card payment companies for £70 million, Handepay and Merchant Rentals.
Handepay is already well-known in the northern areas of the United Kingdom (UK) processing around £3 billion annually and holds existing leasing agreements with Small and Medium-Sized Enterprise (SME) merchants. Altogether PayPoint expect their card payments business to reach over 30,000 SMEs, spanning across a range of industries such as retail, hospitality, auto trade and more. The acquisitions, which are still subject to regulatory approvals, are expected to be completed by January 2021.
“Our acquisition of Handepay and Merchant Rentals will significantly increase our card payments capability and broaden our SME customer base” commented PayPoint CEO, Nick Wiles.
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