Under the terms of the deal, Banque Invik will acquire 48.5% of Smart Transfer, a subsidiary of Alphyra engaged in card-based money transfer activities in the UK. The share purchase price is conditioned upon the approval of the Luxembourg financial supervisory authority.
Smart Transfer currently operates in the UK but has a vision to expand its services to other European countries in the near future, while Alphyra operates in 20 countries across Europe, with a network of 150,000 retailers.
Anders Fällman, president and CEO of Invik, commented: The card operations within Banque Invik has developed favorably and Smart Transfer will enable a further expansion of Banque Invik’s card operations in Europe. Money transfer services are growing rapidly and, together with Alphyra, the operator of Europe’s largest cash acceptance network, we will offer competitive money transfer services.
John Nagle, CEO of Alphyra, added: The ability for everyday people to transfer money has lagged the recent increased cross-border human movement. This joint venture goes some way towards readdressing the balance, providing a solution that is as simple and safe as it is affordable.
