Fintech Planet hits US$2.23bn valuations in 2021

The company received a $ 61.1 million raise after Eurazeo sold its stake in Fintech Planet to Advent

Fintech’s Irish payment platform and service provider Planet is worth $ 2.23 billion after acquiring Eurazeo Capital for its $ 61.1 million stakes in the company.

According to reports, Citigroup and Evercore’s sale of Planet’s stake has been facilitated. Planet, which changed its name to Fintrax in 2018, negotiated the deal in July 2020, but sales were delayed due to problems caused by the pandemic.

However, the acquisition has already been completed, giving Planet a $ 61.1 million injection into Eurazeo Capital. The transaction is also expected to double the value of transactions processed by Planet annually.

Most of Planet’s revenue comes from tax refunds and dynamic currency conversion. It allows you to pay for foreign currency items in your local currency.

Euro wen

Reports show that the new Eurazeo transaction nearly tripled the return on the original investment.

Marc Frappier, the managing partner of Eurazeo, says of the sale of the holding: “Six years ago, we saw the potential of Planet to become a world-class payment company offering innovative products and digital services in all sectors.

He added: “Since then, we have been amazed by the strategic direction and growth path of the planet.”

Planet Payment Ireland’s strong market position generated $ 50.1 million in 2019, compared to $ 41 million in 2018. The company also recorded a tax loss of $ 12.2 million with a profit of $ 24.2 million. in the same year. Year after the end of sector loans.

Acquisition of 3C Payment Planet

The acquisition led to the acquisition of Planet 3C Payment, a Luxembourg-based transcription company specializing in hospitality, parking, and retail. Eurazeo said Planet is financing the 3C acquisition with shares.

The acquisition was announced months after Eurazeo postponed separate plans to sell Planet for up to $ 2.4 billion due to the international collapse of Covid-19.

In the latest development, the company has now agreed to reinvest and co-manage Planet in partnership with Advent International, in a move that will add value to the price at which it intends to sell its stake in Planet.

Brand Planet / Fintrax

Founded in 1985 by Gerry Barry in Galway, Fintrax is one of the leading fintech companies in the world that processes VAT refunds for tourists. It was acquired by Eurazeo in 2015 for approximately $ 715 million from the investment company. Fintrax then moved into Planet after acquiring US company Planet for a $ 267 million deal, and Eurazeo provided 50% of the financing.

The planet currently has more than 1,500 employees in 70 markets. It also serves more than 400,000 merchants and 100 partner banks and facilitates more than 500 million transactions worth over $ 24.4 billion.

Planet’s partner brands include Hugo Boss, Coach, Giorgio Armani, Gucci, Calvin Klein, and El Corte Ingles.

Submit Expansion Strategy

Founded in 2017, Fintech Unicorn is headquartered in Los Angeles and led by CEO and co-founder Arad Levertov and its CTO Ornit Dweck-Maizel.

Fintech, which operates R&D centers in Tel Aviv and Binamina, specializes in the US credit market and has developed a payment solution that allows US stores to offer their customers the option to pay later (BNPL).

Submit will use the money to expand its current business environment with the new investment to reach more retailers and service providers, both online and offline.

In a business letter, he reveals plans to develop more products that serve his customers and sellers, which will help them facilitate transactions and improve their budgets and profits.

Curiosities on the couch

• According to reports, Sunbit is the only fintech BNPL technology that enables a 90% success rate.

• Every month, the company expands its customer base to more than 300 merchants and tens of thousands of new users.

• The 30-second approval process offers funding transactions from $60 to $10,000

• Sunbit services are available at 7,300 locations. Includes a quarter of US car dealerships

• Sunbit also provides services to US retailers such as Eyemart Express and Cycle Gear.

Levertov said during the latest funding round that the new investment is a testament to Sunbit’s market potential. The continued support from existing investors and new commitments from well-known investors such as Migdal Insurance and Harel Group underscores the impact we have in the key markets we serve.

He added: Our hyper growth shows that there is demand now for our one-stop-shop solution, which will later be paid with daily needs. $216 Billion and $330 Billion in Electricity in Stagnant, Spectacular and Elective Dental Markets in the 1980s Financial Era

Guy Fischer, CIO and Deputy CEO of Migdal Insurance, who is also a new member of Sunbit’s board of directors, explains: Our fintech investment arm, NextGen Finance, expects to raise $2 billion over the next two or more years. fetch. collect. As a strategic investor, we want to partner with global fintech leaders. Submit Expansion Strategy

Founded in 2016, Fintech Unicorn is headquartered in Los Angeles and led by CEO and co-founder Arad Levertov and its CTO Ornit Dweck-Maizel.

Fintech, which operates R&D centers in Tel Aviv and Binamina, specializes in the US credit market and has developed a payment solution that allows US stores to offer their customers the option to pay later (BNPL).

Submit will use the money to expand its current business environment with the new investment to reach more retailers and service providers, both online and offline.

In a business letter, he reveals plans to develop more products that serve his customers and sellers, which will help them facilitate transactions and improve their budgets and profits.

Curiosities on the couch

• According to reports, Sunbit is the only fintech BNPL technology that enables a 90% success rate.

• Every month, the company expands its customer base to more than 300 merchants and tens of thousands of new users.

• The 30-second approval process offers funding transactions from $60 to $10,000

• Sunbit services are available at 7,300 locations. Includes a quarter of US car dealerships

• Sunbit also provides services to US retailers such as Eyemart Express and Cycle Gear.

Levertov said during the latest funding round that the new investment is a testament to Sunbit’s market potential. Continued support from existing investors and new commitments from well-known investors such as Migdal Insurance and Harel Group highlight the impact we have in the key markets we serve.

He added: Our hyper growth shows that there is demand now for our one-time retail solution, which will later be paid for with day-to-day needs. The new capital will enable us to revolutionize the automotive and repair business. Industry Billions of electricity in spectacular and elective dental markets that stagnated in the financial era of the 1980s

Guy Fischer, CIO and Deputy CEO of Migdal Insurance, who is also a new member of Sunbit’s board of directors, explains: Our investment arm of Fintech, NextGen Finance, expects to raise $2 billion over the next two or more years. fetch. year.’ As a strategic investor, we want to partner with global fintech leaders.

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