Advent International snaps up UK paytech myPOS
US private equity firm Advent International is moving to expand its digital payment services in Europe through the acquisition of UK paytech myPOS.
The deal will be completed via Advent’s new payments company, AI Circle Bidco (Circle), and according to sources close to Reuters, values the paytech at €500 million ($542 million).
Founded in 2012 by Christo Georgiev, London-based myPOS provides payment processing tools and solutions to businesses and sole traders, claiming to serve 170,000 merchants across Europe’s retail, hospitality, transport and professional services sectors.
Georgiev is due to exit the business upon the acquisition’s closure, reports suggest, with management set to remain involved in some capacity.
Advent’s intended purchase of myPOS through Circle comes as part of a long line of recent transactions made by the firm to centre itself within Europe’s competitive payments landscape.
In 2010, it came together with Bain Capital to purchase Worldpay, with the pair being joined 10 years later by Milan-based private equity firm Clessidra to purchase a majority stake in Italian paytech Nexi.
This was followed by Advent’s acquisition of European payments solutions provider Mangopay in 2022. Powered by an initial €75 million investment from its new owner, Mangopay’s pursuit of expansion received a further boost last month when it secured an electronic money institution (EMI) licence from the UK’s Financial Conduct Authority (FCA).
Having invested $6.5 billion in the continent’s payment companies and fintechs since 2008, Advent’s takeover of myPOS will now place it in a more commanding position within the European payments market.