MOROCCO – Hightech Payment Systems (HPS), a Morocco-based payments software company, has acquired Irish fintech firm CR2.
HPS said the acquisition will enhance its digital banking and payments capabilities and accelerate its global growth in this space.
Based in Dublin and led by CEO Fintan Byrne, CR2 has been around for more than two decades. Initially, it focused on the self-service banking market within the international operations of big banks such as Standard Chartered, Absa, and Standard Bank.
Today, its proprietary BankWorld software platform powers more than 90 banks across more than 50 countries, providing them with digital banking, digital wallet, and payment functionalities. Outside Ireland, CR2 has offices in Dubai, Jordan, India and Australia.
Byrne, who took over as CEO in 2017, said that HPS’s acquisition is a recognition of what the CR2 team has created and the opportunity within our business for future growth.
“Importantly, it aligns with our continued ambition to scale up internationally. With additional scale comes even more opportunity to invest and innovate,” he said.
“This is an exciting time to be in the digital banking and payments technology sector. Together, we look forward to continuously delivering with confidence to customers and all stakeholders.”
For HPS, the acquisition is an opportunity to gain from new potential revenue opportunities in complementary markets already served by CR2, which generated revenues of nearly €24m in the 12 months leading up to June 2023.
Abdeslam Alaoui Smaili, CEO and co-founder of HPS said that the acquisition marks a significant milestone in the Casablanca-listed company’s growth.
“CR2 has a differentiated and exciting capability set, which is a strong fit for HPS and adds significant depth and breadth to our platform. Both companies share a common passion for excellence in digital payments and for providing high-value solutions to customers,” Smaili said.
“With similar cultures valuing customer focus and high performance, we believe that HPS will be an excellent home for CR2 to thrive and deliver long-term growth.”
The acquisition also assists HPS’ expansion in the African market, utilising its presence in French-speaking regions alongside CR2’s capabilities in English-speaking Africa and Australia.
Moreover, representatives from HPS underlined that the move advances their company’s growth trajectory. It is set to improve their financial performance by delivering additional revenue opportunities in complementary markets.
Besides, the integration of CR2’s banking solutions with HPS’s PowerCard platform focuses on increasing the value of the company’s offerings to both current and prospective clients.
According to CR2’s officials, the partnership intends to provide additional opportunities for investment and innovation, advancing both companies in the dynamic field of digital banking and payments.
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