France-headquartered payment company Ingenico Group announced an acquisition of Swedish online and in-app payment processor Bambora for €1.5 billion.
Bambora supplies end-to-end payment services to 110,000 merchant and enterprise customers globally and employs 700 people across offices in Europe, North America and Australia. It also offers cross-border transfer and data analytics platforms.
Ingenico Group – which processes 3.4 billion transactions annually through in-store terminals, mobile payments and online purchases – said the acquisition was part of its strategy to offer merchants a wider number of payment channels.
Philippe Lazare, chairman and CEO of Ingenico Group said: “The acquisition of Bambora represents a key milestone in our strategic plan, providing a more integrated client offering and omnichannel solutions.”
“Coupled with the investments made in our platforms and the development of new technological features, Bambora will enhance our customer-centric approach and will reinforce our online and in-store positioning through a perfect complementarity.”
The acquisition comes days after fellow French payments processor Worldline announced a deal to buy Swedish fintech company Digital River World Payments for an undisclosed sum in a bid to increase its global footprint.