In its latest effort to gain ground in Western payment markets, China’s Ant Group is nearing a $200 million deal to buy Dutch payments firm MultiSafepay, people familiar with the matter said.
The transaction is subject to regulatory approval, sources say, but if successful, it will allow Ant to buy 100% of MultiSafepay.
Established in 1999, MultiSafepay provides payment acquiring and processing services to more than 18,000 small and medium-sized businesses and works with commercial partners to offer additional services.
Also on AF: China Pushing Equity Funds to Bolster Slumping Stock Markets
It generates $50 million in revenue, one source said.
MultiSafepay’s most recent annual report showed a net profit of 1.3 million euros ($1.43 million) on gross income of 11.9 million euros in 2022. It was not clear whether that encompasses the company’s international businesses.
MultiSafepay has grown organically with no external investors and also has offices in Spain and Germany, according to its website.
Ant’s planned acquisition of the firm follows the Chinese financial technology group’s purchase of Singapore-based payments firm 2C2P in 2022.
The Alibaba Group affiliate, which operates cross-border payments platform Alipay+, also bought British payments group WorldFirst in 2019 for 700 million dollars.
- Reuters, with additional editing by Vishakha Saxena
Also read:
Jack Ma’s Alipay Reign Officially Over, IPO Back on Track
China Tightens Rules for Non-Bank Payment Firms Like Alipay
China Allows Ant Group to Release Finance AI Products to Public
Ant IPO Unlikely in the Short Term, Chinese State Media Says
In Surprise Share Buyback, Ant Values Firm 75% Below IPO
Alibaba’s Main Logistics Hub in Europe ‘Suspected Of Spying’
Shock Reversal on Cloud Unit Wipes $20bn Off Alibaba Shares
