Ant Group, an affiliate of Alibaba, is on the verge of acquiring Dutch payments firm MultiSafepay for around $200 million, as part of its strategic expansion into Western payment markets. The deal, subject to regulatory approval, follows Ant Group’s previous acquisitions, signaling its commitment to strengthening its position in the global financial technology landscape.
6 January 2024 – Ant Group, an affiliate of Alibaba Group, is reportedly finalizing a deal to acquire Dutch payments firm MultiSafepay, marking another strategic move into Western payment markets. The transaction, valued at approximately $200 million and subject to regulatory approval, comes as part of Ant Group’s broader expansion efforts in the international financial technology landscape.
Sources indicate that MultiSafepay, generating $50 million in revenue, will be wholly acquired by Ant Group. This move follows Ant Group’s 2022 acquisition of Singapore-based payments firm 2C2P and its 2019 purchase of British payments group WorldFirst for $700 million. Alibaba currently holds a 33% stake in Ant Group, as disclosed in Alibaba’s interim fiscal year 2024 report.
MultiSafepay, founded in 1999, specializes in providing payment acquiring and processing services to over 18,000 small and medium-sized businesses. The company, owned by founder and CEO Olaf Geurs, operates organically without external investors and has a presence in Spain and Germany. While the acquisition signifies Ant Group’s strategic focus on Western markets, it follows the company’s commitment to expanding its cross-border payments platform, Alipay+.
The Dutch payments firm reported a net profit of €1.3 million ($1.43 million) on gross income of €11.9 million in 2022, according to its most recent annual report. The deal underscores Ant Group’s continued efforts to strengthen its position in the global financial technology sector.
Ant Group’s move towards acquisitions aligns with its founder Jack Ma relinquishing control and most voting rights in January of the previous year, indicating shifts in corporate governance. – ref: Reuters
