The Munich-based fintech startup Payworks has been acquired by Visa. The American credit card company did not comment on the purchase price.
Visa has been among Payworks's investors and customers since last year. In February 2018, the Munich-based fintech closed its $14.5 million Series B financing round. In addition to Visa, Commerzventures and existing investors Speedinvest and Finparx also invested. Together with successful Series A round The fintech was funded with a total of $19 million. Now the Munich-based startup has been acquired by Visa.
Both solutions brought together
Payworks develops and operates an infrastructure for secure payment processing. Visa is now merging its gateway payment software for the point of sale (POS) with its own digital payment management platform, Cybersource. The American company aims to provide merchants with a fully integrated omnichannel payment management solution.
“Over the past two years, we have worked closely with Payworks to provide Cybersource customers worldwide with innovative integrated trading solutions,”
says visa manager Carleigh JacquesAccording to Visa, the merger of the two solutions is "a natural evolution" of the existing partnership. In addition to the technology, the credit card giant is also acquiring the startup's customer base.
“Integrated trading is a growing business area for Payworks and our customers,”
so Christian Deger, CEO and co-founder of Payworks.
“We look forward to becoming part of the Visa family and contributing our expertise to enable innovative solutions for integrated trade.”
Payworks's technology and services offer consumers a "unified payment experience" in-store, in-app, or online. The solution can be used across industries, whether in hospitality, retail, or public transport.
