Banco Sabadell acquires online payments firm PayTPV
Spain’s Banco Sabadell has acquired PayTPV in order to reinforce its position in online payments.
The start-up, with offices in Madrid and Bilbao, has been acquired through InnoCells, the bank’s investment hub for digital businesses.
TPV, the Spanish acronym for PoS, are offered by this company in a physical and virtual format, as well as telephone payments, and as a processor for booking payments – such as Booking or Expedia.
The firm, which also acts as a payment processor, expects to process around €500 million this year – and that doesn’t include Sabadell’s numbers.
Following this acquisition, Banco Sabadell’s market share reached 16.6% in online payments and 15.5% in payment processing.
The bank says this is part of its strategy, driven by InnoCells, to boost new start-ups, buy and sell different tech platforms, and enhance risk capital investment.