By Sophie Baker
WorldPay has acquired its long-time strategic partner, Cardsave, a UK independent sales organisation distributing credit and debit card processing services to small retailers.
The acquisition has been made from private equity firm Exponent and Cardsave CEO Clive Kahn.
A strategy commercial relationship has been in place since Cardsave’s founding in 1995, and Cardsave currently serves more than 42,000 merchants and serves smaller merchants.
The deal will enable WorldPay to improve its service offering to the UK’s small merchant market. It will also, WorldPay said, support the continued migration from cash to card payments.
Cardsave will continue to operate its current business model and brand, and the existing management team will continue to manage the business.
“I am personally delighted with the acquisition of Cardsave as this brings mutual benefits to both companies, complementary sales personnel based upon a shared ethos of service excellence and small business support,” commented WorldPay CEO Ron Kalifa.
“Cardsave will enable us to fulfil our ambitions to support even more “New To Card” SME businesses in the UK whilst our WorldPay team will continue to support SME businesses who bank with both RBS and NatWest. The acquisition of Cardsave signals our commitment to playing a leading role in better serving the needs of UK merchants.”
Kahn added: “Cardsave will benefit from becoming part of WorldPay and the opportunities to strengthen our proposition to small UK merchants, particularly with the growing trend from cash to credit and debit card settlement and the demand for card not present services.”
The announcement comes three weeks after private equity firms Advent International and Bain Capital formally completed their acquisition of WorldPay from The Royal Bank of Scotland group.