Payment services provider Visa acquired portfolio company Payworks, a Germany-based payment processing platform developer backed by financial services firm Commerzbank, for an undisclosed amount yesterday.
Payworks provides cloud-based payment gateway software that is used by point-of-sale (POS) system providers to onboard payment options into their offerings.
Visa said Payworks’ processing software will be combined with its CyberSource platform to creating a full payment management platform for in-store, in-app and online purchases.
Carleigh Jaques, senior vice-president and global head of digital merchant products at Visa, said: “For the past two years, we have partnered closely with Payworks to deliver cutting-edge integrated commerce solutions for CyberSource’s clients worldwide.
“As these solutions become mainstream, aligning more closely with Payworks and combining our businesses is a natural extension of our relationship. Payworks has built a state-of-the art software technology and an impressive client base.”
Payworks’ overall funding stood at $19m prior to the acquisition. Visa and Commerzbank Ventures, the strategic investment arm of Commerzbank, took part in the company’s $14.5m series B round in February 2018, investing alongside Speedinvest and fintech-focused company builder Finparx.
The company had previously raised $4.5m from Speedinvest, Rumford and HW Capital in a 2016 series A round.