- GreenBox POS, which is a financial technology company, has announced that it will acquire Transact Europe Holdings, another company in the cross-border payments industry.
- The company said that it had gone through complicated regulatory approval to secure the new arrangement.
- “These substantial volumes and excellent margins, make it clear how successful GreenBox will be in their ownership. We wish them every success,” said a spokesperson for Transact Europe.
GreenBox POS, a financial technology company, has confirmed that it has acquired another company in the cross-border payments sector.
GreenBox said that it had gone through a complex regulation approval process to secure its acquisition of Transact Europe Holdings.
It is believed to have made the acquisition for around US$28m.
The price is understood to have been set in the context of the business volume and licensing framework that Transact Europe enjoys.
Transact Europe is based in Bulgaria and has a number of licenses.
It is a European Union electronic money institution.
It also has a worldwide membership of Mastercard and a principal-level membership of Visa.
In addition, it plays a role in the Single Euro Payments Area (SEPA).
The acquisition will give GreenBox the chance to offer faster payments to the merchants that use its service.
It is also understood that the firm will offer rates that are more competitive.
In a statement, James Bergman, the chairman of Transact Europe Holdings, said that the arrangement could lead to new partner opportunities.
“We have already seen over the past few months the depth and breadth of new merchants and partner opportunities that GreenBox is adding to Transact Europe,” he explained.
He praised the firm for its “excellent margins” – as well as the volumes of business it could process.
“These substantial volumes and excellent margins, make it clear how successful GreenBox will be in their ownership. We wish them every success,” he said.
The chairman of GreenBox, meanwhile, said that the development was a “momentous triumph”.
Ben Errez said that the move would give the firm he works for the chance to move ahead in the European market – as well as the worldwide market.
“This acquisition is a momentous triumph for us, representing the most significant asset to date for GreenBox, allowing us to propel forward as a significant player in the European and global marketplace,” he said.
He added that the two companies work well together and match each other.
“GreenBox and TEU are a natural complement to each other with TEU’s licenses and infrastructure combined with GreenBox’s suite of customized blockchain payment solutions, global strategy and technology creating a powerful synergy that we believe will quickly scale in the European market in which non-cash payments account for over 100 billion transactions and exceed 160 trillion euros per year,” he said.
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