CashFlows, the fast-growing and innovative provider of merchant payment solutions, has bought iCheque Network Ltd, a high-growth online payments company.
The acquisition follows CashFlows’ listing in this year’s The Sunday Times Hiscox Tech Track 100, an annual league table that ranks Britain’s fastest growing private technology companies.
As a principal member of Visa and Mastercard since 2011, CashFlows has been at the forefront of delivering advanced payment solutions to customers in both the UK and Europe. CashFlows’ solutions have been engineered to simplify and optimise the online card acceptance market to deliver faster sign-up, lower cost, and superior service to SMEs across Europe. CashFlows focuses on online payments for merchants through its proprietary Payment Gateway, Merchant Account, Prepaid Card Services and Business Account solutions.
iCheque provides an online virtual payment solution via its Payr brand, aimed at increasing card acceptance rates for merchants’ customers and providing greater security, fraud prevention, and privacy for consumers in their online transactions. The acquisition of iCheque broadens the product portfolio for CashFlows and enables it to continue delivering high levels of card acceptance for merchants, particularly across borders, while also improving fraud prevention and reducing risk.
CashFlows has an aggressive growth trajectory, currently on track to delivery 67 per cent YOY growth this financial year. The company currently processes payments for more than 1,000 customers and powers over 34,000 ATMs across Europe. This exciting acquisition will enable both CashFlows and iCheque to build scale and add product capability, delivering improved acceptance rates and better service levels for its partners and customers.
Pollen Street Capital supported the acquisition, for which FCA approval has been received.
Neil Graham, CEO, CashFlows commented: “We’re delighted to have agreed this transaction. We are particularly excited by the opportunities it offers both CashFlows and iCheque as we continue on our mission to maximise payments success for our customers, and also as we strive to innovate our technology and solutions to challenge established players in the financial services market.”
Caerwyn Prothero, Co-founder and CFO, iCheque said: “We are excited about joining CashFlows. Bringing our offerings together will help us to accelerate growth, provide greater levels of service and focus in the electronic payment sector and to continue delivering innovative new products and services to our customers.”
Lindsey McMurray, Managing Partner, Pollen Street Capital added: “This transaction provides clear and compelling opportunities to expand CashFlows’ portfolio, and to drive commercial growth and differentiation in the increasingly sophisticated FinTech payments space.”