Irish financial services group Fexco and BNP Paribas are acquiring Flashiz, a two-year old Luxembourg-based mobile payment company.
Flashiz uses both QR codes and Near Field Communication technology to allow in-store, online, person-to-person and paper invoice payments. Merchants use the platform to link different payment methods with loyalty and couponing. The company's clients include more than 500 retailers.
Fexco's portfolio of businesses includes currency exchange, international payments, currency conversion and managed business services. Fexco's services are currently deployed through a global network of acquiring banks to more than 70,000 niche merchant locations.
"We strongly believe in the potential of the company and its global technological and strategic lead position. Together with our key strategic partners, we're confident that we'll be able to position Flashiz as a worldwide market leader in the area of mobile payment solutions," says Gavin O'Neill, group managing director of Fexco, in an Oct. 22 press release.
Terms of the deal were not disclosed. Fexco is joined in the acquisition by BNP Paribas Personal Finance, which has taken a minority stake in Flashiz. BNP has expressed an interest in spotting new opportunities in mobile finance.