Checkout.com buys Perth-based Pin Payments
Checkout.com, a London-based payments company, has acquired Perth-based Pin Payments in a deal that shows how Australian fintechs, especially in the red hot payments space, are on the radar of foreign players seeking to expand in Asia.
Checkout.com, which has 700 employees in 10 offices around the world and is valued at just under $US2 billion ($3.01 billion), will use the acquisition to enter Australia and New Zealand, to target merchants seeking to take online and mobile payments. It plans to compete with Adyen, another European-based payments firm to recently arrive in Australia, and Tyro’s new online payments offering.
Pin Payments, which has offices in Perth and Melbourne, launched in 2013 and serves over 12,000 businesses, including WooCommerce, Shopify, BigCommerce and Magento. The software allows them to accept payments from debit and credit cards without needing a merchant account from a bank.
Its technology is focused on online web and mobile payments, as opposed to physical payments like another offshore payments disrupter, Square, co-founded by Jack Dorsey, which provides cheaper terminals than banks allowing merchants to accept face-to-face payments.
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