Global payments provider buys local start-up Pin Payments
Global payment platform Checkout.com has bought out local business Pin Payments for an undisclosed amount as it seeks to expand into the Asia Pacific region.
Checkout.com helps businesses in Europe, the US, APAC and the Middle East to achieve faster, more reliable processing in more than 150 currencies, with direct access to all major international cards, as well as popular alternative and local payment methods
This marks the second acquisition Checkout.com has made, following its purchase of French fintech ProcessOut in February.
Most recently, Checkout.com also announced its membership of the Libra Association. Checkout.com has ten offices globally and currently employs over 700 people.
Pin Payments was founded in 2013 by Grant Bissett and Dominic Pym, Pin Payments has been likened in the press to the PayPal for small businesses. Pym also co-founded the digital bank Up.
Pin Payments currently serves more than 12,000 businesses across Australia and New Zealand to accept payments from debit and credit cards bearing the Visa, MasterCard and American Express brands without a merchant account. Pin Payments supports integrations with platforms such as Xero, WooCommerce, Shopify, BigCommerce and Magento.
Pim Payments’ team of 14 will join Checkout.com’s team.
“Australia is a key market for our business. The acquisition of Pin Payments represents our investment to serve Australian entrepreneurs with world-class technology and a truly global acquiring network,” Guillaume Pousaz, founder and CEO of Checkout.com said.
“In Pin Payments, we found an awesome team who shared a similar dedication to solving problems for businesses with innovative financial technology. We look forward to welcoming them to our team and working together.”
Payments has been an area ripe for disruption for the big banks. A report by Accenture highlighted that banks look set to lose as much as 14 per cent or US$3 billion in five years’ time with the growth of digital payments and competition from new entrants and non-banks.