AIB and First Data buy fintech payments player Payzone
Summary
The Payzone business, which reported EBIDTA (earnings before interest, taxes, depreciation and amortisation) of €8.3m for last year and which has assets worth €59m, will continue to be led by CEO Jim Deignan and CFO Nigel Bell. We are delighted to partner again with First Data Corporation in setting up this new joint venture and look forward to working with Payzone management to further build on their success.” AIB has been no slouch when it comes to pushing the digital envelope. “We see significant opportunity to grow our footprint in the fintech sector and this can only be enhanced further with the backing and support of our new shareholders, who bring deep industry expertise to make things happen. We thank them for their great support and investment over that period.” Payzone processes 125m transactions annually for more than 100 client companies and operates Ireland’s largest retail payments network with at least 11,500 points of sale throughout the country. “Working with the fantastic management team at Payzone, CCI’s investment in innovation and new product development has helped to accelerate the growth of the business and to transform it into one of Ireland’s most successful multi-channel payment solutions platforms,” said Peter Garvey.
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