A payment company supported by Nick Candy, the treasurer of the British reform, will announce this week a link with a counterpart based in London in the middle of a quickly changing industry.
Sky News learned that Vibepay, in which Candy Ventures is the largest shareholder, has concluded an agreement to sell herself in Banked, a so-called “Pay by Bank” platform.
The agreement on all shares, which should be announced on Tuesday, will see Mr. Candy’s investment vehicle holding a participation of around 25% in the combined group, according to initiates.
One source said the agreement would appreciate the expanded company to more than $ 100 million.
As part of the transaction, the founder of Vibepay, Luke Massie, and the director of Candy Ventures, Steven Smith, will join the board of directors.
Vibepay specializes in “conversational trade”, offering personalized offers and peers payments to its users, connecting them to brands, sellers and banks.
People close to the agreement said that taking control would help tackle a market opportunity by rewarding debit customers who have been overlooked by credit card operators, debit card payments representing almost 90% of all British card payments but representing only a small fraction of payment awards.
Banké has world financial giants, including Bank of America, CITI, FIS and NAB among its investors and strategic partners.
He previously raised more than $ 60 million in funding, while Vibepay collected more than $ 10 million in his donors.
The agreement is awaiting approval of the city’s regulator.
In response to a Sky News investigation, Candy said: “I was a fervent supporter of Vibepay, and I am enthusiastic about the future with a bank.
“The world’s world vision in the bank is really inspiring, and I see immense potential in the combined vision of the next generation of payments.
“It’s a positive moment for the British technology sector, two British companies come together to advance a global ambition.
“I am proud to be part of this trip and I can’t wait to defend this story in the United Kingdom and internationally.”
Mr. Massie added: “We have spent years building a technology that really connects people – not only for transactions, but for experiences.
“By joining forces with a bank, we now have the infrastructure, world scope and market access to Super-Urchargez what we have built and offer real value to consumers on a large scale.”
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Banked bought Wave, an Australian supplier paying by bank last October, strengthening its international presence, while it has a partnership with Nab – one of the largest lenders in Australia – to offer Amazon customers in the country.
“The real value of remuneration by the bank goes beyond cheap and secure payments; is to operate spending on everyone,” said Brad Goodall, Managing Director of Banked.
“The combination of bank and vibepay will stimulate remuneration by adoption of banks thanks to innovative incentives on consumers – equally with credit cards – and empower traders with in -depth information to stimulate acquisition and retention like never before.
Companies have refused to comment on the value of the acquisition or assessment of the combined entity.