Reading-based merchant services firm UTP Group has agreed to purchase the Spanish customer base from German company Wellet GmbH for an undisclosed sum.
Dusseldorf start-up Wellet is a card payment app that uses similar technology to UTP Group’s recently launched payment app tapeeno.
“The acquisition of Wellet’s Spanish customer portfolio allows us to accelerate our expansion in the region, while bringing the benefits of Faster Processing technology to thousands of customers across the country,” says Michael Ault, CEO of UTP Group.
Wellet customers in Spain will be moved over to tapeeno in the coming weeks.
“The alignment of Wellet and tapeeno’s technology and target market made this a natural choice for us,” says Ault. “The acquisition allows our new Spanish customer base to continue with the convenience of accepting payments on their phone, while benefitting from tapeeno’s Faster Processing technology. This means customers in Spain will start receiving funds into their accounts within one hour of taking payment, significantly reducing funding delays by days.”
UTP Group confirmed that Wellet customers in Spain will be contacted in the coming days with further information about what the switch to tapeeno will mean for them.
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