PayPoint, a retail payments platform is based in three different locations including the United Kingdom, Romania, and Ireland. However, the firm has announced that it is selling its business in Romania in order to shift its focus to the United Kingdom market. Per the announcement, PayPal is set to sell its Romania’s business for an amount of over $61 million (£47 million).
Selling PayZone SA and PayPoint Services SRL
The famous retail payments firm said on Wednesday on October 21, 2020, that all of its established business in the country of Romania is being sold to Innova Capital a CEE-centered private equity company.
PayPoint will be selling two of its arms based in Romania PayZone SA and PayPoint Services SRL. As per the agreement made between these two firms, Innova Capital will be paying an amount of 47 million British pounds worth over $61 million in US Dollars. The deal is expected to get complete by the next year on March 31, as it yet has to undergo various regulatory approvals.
PayPoint started operating its business of retail payments in Romania back in the year 2007 and has achieved major success through it. During this time, it tapped 19,000 sites in an attempt to make a partnership with local retail customers. By doing that, it allowed customers to make their cash bill payments as well as money transfers. PayPoint’s Romanian business saw impressive growth during these thirteen years.
Commenting on this, the Chief Executive Officer (CEO) of PayPoint Nick Wiles said that they have operated their business in Romania for around thirteen years and that they are thankful to the management team and employees of Romania for making a great contribution to the firm.
PayPoint plans to enhance its business in the UK
As per the announcement, the main reason for which PayPoint is selling its entire business of Romania is that the firm wants to focus entirely on its business in the United Kingdom and intends to enhance it.
Wiles said that they are happy to make an agreement with Innova Capital for the sale of its Romanian business saying that it is the perfect owner who can carry forward their PayPoint Romania in this country.