MCI.EuroVentures has taken over Poland’s Mobiltek, the firm behind online and mobile payments company Dotpay, by purchasing 100% of its shares. No financial details were revealed.
MCI.EuroVentures said it has been focusing strongly on expanding its portfolio in FinTech as Poland presents a lot of opportunities in online payments and e-commerce, said Łukasz Wierdak, MCI Investment Director.
Cash on delivery remains a popular option in Poland, he added. “However, the efficiency, convenience and safety of online payments are making them more and more popular while the share of cash on delivery in all forms of payment should see a steady decrease.”
The Polish e-commerce market is tipped to be worth PLN 31.5 billion, according to figures provided by MCI. That translates to roughly $8 billion (USD).
Dotpay intends to take advantage of this growth as well as expand its operations to more countries in Central and Eastern Europe over the next three to five years.
“Our new professional partner, MCI.EuroVentures, managed by Private Equity Managers, understands the e-commerce market and has experience in investing in FinTech companies, which is a guarantee of our dynamic development both in Poland and in the region,” said Dotpay CEO Andrzej Budzik.
MCI already has a number of ecommerce and payments companies in its portfolio, including Sweden’s iZettle and Germany’s 21Diamonds.
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