SafeCharge Acquires 3V, Expands to Card Issuing
Jan. 5, 2015
Online payment technology provider SafeCharge has acquired Dublin-based 3V Transaction Services in a move that will enable the Israeli company to expand into card issuing. 3V issues physical prepaid cards, but built its business as an issuer of virtual vouchers enabling prepaid card-not-present transactions. SafeCharge said 3V will serve as the foundation for its new issuing division that will include general purpose prepaid cards, gift cards, vouchers and mobile payments.
“The acquisition marks a further milestone in the execution of SafeCharge’s strategic plan to enter new product verticals and deliver innovative payment technologies,” said David Avgi, CEO of SafeCharge. “3V enables us to gain fast-track entry into the rapidly expanding prepaid card issuance vertical and will provide the foundation of what will become a significant new division within SafeCharge.”
The companies expect the acquisition, worth €14.5 million ($17.3 million), to close before the end of this month.