Net 1 UEPS Technologies has purchased 60% stake in German payment services processor Masterpayment for an undisclosed amount.
The management team of Masterpayment and an affiliate of Bank Frick will retain the remaining 40% interest in Masterpayment.
The acquired firm offers payment and acquiring services for European debit and credit cards; and invoicing for online retail, digital goods and content. It currently has a client portfolio of nearly 5,000 registered merchants.
As part of the deal, Net1 and Masterpayment have signed a long term co-operation agreement with Bank Frick, under which Bank Frick will become Net1’s strategic banking partner.
Also, Bank Frick will provide the company with the support and banking services required to deploy Net1’s products and services, including VCPay, Finetrading and money remittances in Europe.
Net1 CEO Serge Belamant said: "The acquisition of a majority stake in Masterpayment and the strategic co-operation agreement with Bank Frick provides Net1 with the critical tools required to expand our product suite and geographic reach into Europe.
"The Masterpayment management team has developed a very interesting and unique business model that will provide us with specialist processing, business development and marketing resources in Europe and we look forward to their contributions as part of the Net1 group."