FEXCO Acquires Mobile Payments Startup FLASHiZ (Oct. 22, 2013)
FEXCO, a provider of financial transaction processing, foreign exchange and outsourcing services based in Ireland, has acquired mobile payments and loyalty startup FLASHiZ, with BNP Paribas Personal Finance taking a minority shareholder stake in the Luxembourg-based company. Terms of the deal were not disclosed.
FEXCO and BNP Paribas will continue to finance the global expansion of FLASHiZ, which specializes in mobile payment solutions using QR codes and NFC to enable consumers to make purchases in shops and online, as well as make P2P transfers. FLASHiZ announced earlier this year that the company was bringing its payments system to Australia by the end of 2013, and using the country as a test case for possible further expansion throughout Asia-Pacific. BNP Paribas also will be instrumental in the future distribution strategy of FLASHiZ, according to an announcement.
“We strongly believe in the potential of the company and its global technological and strategic lead position,” said Gavin O’Neill, FEXCO group managing director. Merchants can use the FLASHiZ platform to link a variety of payment methods with loyalty and couponing programs to build deeper relationships with customers, according to FEXCO.
Last April, First Data Corp. and FEXCO announced that the Atlanta-based payments processor acquired FEXCO’s remaining equity stake in OmniPay, a global provider of card and electronic payment processing services to merchant acquiring banks.