The payment provider Visa acquires 100% of the German startup Paytea fintech, which includes the Vienna Seed-VC Speedinvest.
Said Paying Company Visa takes over Payworks, a Munich provider of payment gateway payment software (POS). Fintech is the company's investment in Speedinvest 1 and is thus one of Vienna's first seed investments in the Seed-VC.
According to Crunchbase, the startup, founded in 2012, has so far raised $ 19 million in A and B series awards, including $ 4.5 million in Series A (2016) and $ 14.5 million in Series B (2018) . Visa joined CommerzVentures as part of the B series, when Speedinvest and Finparx were already investors.
The investment of Speedinvest has already been completed in 2013. At that time he was – together with other investors – from the "financing circle ranging from six numbers". Visa now takes Fintech 100 percent, the purchase price is not announced.
Payworks is integrated into Vis
Visa will use the Payworks solution to improve its own products. "As part of the acquisition, Visa will bring together Payback's cloud-based payment processing solution for the CyberSource digital payment management platform," says Visa in a press release, "providing marketers and customers with a fully integrated payment acceptance solution." Traders will be offered omnichannel payment management platform with white labels that will create a "unique payment experience" in store, app or online.
Visa relies on studies stating that implementation of the omnichannel strategy is a key priority for 94 percent of retailers. In addition, 58 percent of consumers have ever ordered products on the Internet to pick them up later in the store, and 37 percent of additional shopping at the store when they pick them up. Here Payworks helps with omnichannel payments.
"Integrated trading is a growing business for Payworks and our customers," said Christian Deger, executive director and co-founder of Paywork: "Combining our POS technology with CyberSource Digital Commerce offer, we can offer our common solution for retailers and customers to implement faster across the globe."