Advent International Acquires myPOS to Strengthen Digital Payments Portfolio
Christo Georgiev, the founder of myPOS, is exiting the business, while the management team remains involved and invested. Circle’s goal is to become a leading end-to-end payment and technology company in Europe, focusing on small merchants and sole traders who are often overlooked by banks. According to Fabio Cali, director at Advent International, acquiring myPOS is the first step in their journey to build a successful and essential platform in Europe. Advent's recent move to add Kahina Van Dyke as an operating partner is part of the company's commitment to expanding its fintech franchise, which includes significant investments in MangoPay and Brazil’s Ebanx.
The acquisition comes at a time when the global digital payments market is experiencing significant growth. This market is projected to expand from USD 111.2 billion in 2023 to USD 193.7 billion by 2028, growing at a CAGR of 11.8%. The rise of e-commerce and the adoption of embedded payment platforms are key drivers of this growth.
Challenges like the lack of global standards for cross-border payments and evolving cyber-attacks on digital payment systems pose significant hurdles. The rapid decline in the unbanked population globally presents a substantial opportunity for digital payment providers to expand their market reach and foster innovation.
This acquisition aligns with the rising trend of e-commerce and the growing adoption of embedded payment platforms, which are reshaping how merchants, especially small-scale ones, handle transactions. Advent International, through Circle, aims to address the growing demand for more efficient, secure, and accessible payment solutions for small merchants and sole traders in various sectors.
This acquisition positions Advent International strategically in the market, particularly in the context of increasing contactless payment technologies like NFC and RFID. Moreover, the acquisition signifies a commitment to tackling critical challenges in the digital payments sphere, including evolving cybersecurity threats and the complexities of cross-border payments due to a lack of global standards. Through this acquisition, Advent International is poised to leverage the synergies of myPOS’s expertise and its robust investment strategies to capitalize on the rapidly growing digital payment sector.
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Christo Georgiev, the founder of myPOS, is exiting the business, while the management team remains involved and invested.
Advent International, through Circle, aims to address the growing demand for more efficient, secure, and accessible payment solutions for small merchants and sole traders in various sectors.
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