The leading payment provider for the e-commerce sector announced the acquisition of Netinvest and its subsidiary Netbanx for £12.36m.
Netbanx has relationships with all of the major UK acquiring banks, as well as MasterCard, Visa, American Express, Diners Club, Pago and Euroconex. The company, which was founded in 1996 and currently processes approximately £10 million of credit card payments each month servicing over 1,500 merchants, reported revenues of £27.7m and a profit before tax of £1.13m for the 18 months ended June 30.
“Netbanx will provide NETELLER with the ability to process its own credit card transactions, retaining a greater proportion of margin in-house, whilst also generating additional revenue opportunities by leveraging Netbanx\’s existing customer and merchant base in the UK,” said Gord Herman, CEO of NETeller.
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