The move comes as part of the group’s efforts to expand into Western markets, after acquiring UK international payments firm WorldFirst back in 2019 for US$700m.
FinTech Magazine spoke to WorldFirst CEO Clara Shi in November 2023 about the growth potential British SMEs could tap into by expanding into Asian markets.
Now, the Chinese financial conglomerate looks set to add MultiSafepay to its European portfolio, a firm that generates US$50m in annual revenue according to Reuters.
Ant Group: A global expansion
The group’s further expansion into Europe comes after a recent expansion in Singapore when it acquired 2C2P in 2022.
Alipay has grown into one of the world’s largest third-party mobile and online payments platforms in its own right, a marker of Ant Group’s prowess in the global financial services market.
In MultiSafepay, Ant Group will be acquiring 100% of a company that has grown entirely organically (no external investment) – expanding from its native market into Spain and Germany.
The Dutch firm has made a name for itself by providing payments acquiring and processing services to more than 18,000 SMEs and now works with commercial partners to offer additional services to its clients.
The company made a net profit of US$1.43m on gross income of US$13.02m in 2022, and now its CEO Olaf Geurs looks primed to hand over the reins to Ant Group.
In doing so, MultiSafepay will join an organisation that placed first in our list of Top 10 fintechs in APAC and MEA for 2023.