CashFlows, a provider of merchant payment solutions, has completed its acquisition of iCheque Network Ltd, an upstart online payments provider, following a strong growth period for the group.
CashFlows has benefited from membership agreements with mainstays such as Visa and Mastercard, having been an active constituent since 2011. Over the past five years, the company has been one of the fastest growing payments providers in the technology space, which paved the way for its acquisition of iCheque Network Ltd.
For its part, iCheque Network is a disruptive payments provider, which has itself experienced a steady ascension in its own respect. More specifically, the group helps supply online virtual payment solutions via its Payr brand, which is geared towards increasing card acceptance rates for merchants’ customers. The acquisition by CashFlows is important as it emboldens and widens its product suite, whilst fostering global card acceptance for merchants, with an emphasis on cross-border fraud prevention and risk management.
The new capabilities assimilated through the iCheque acquisition will also help drive CashFlows’ payments network for more than 1,000 customers, affecting upwards of 34,000 ATMs across Europe. As such, the scale of CashFlows and iCheque’s operation radius will look to be substantially improved, in tandem with better product capabilities.
According to Neil Graham, Chief Executive Officer (CEO), CashFlows, in a recent statement on the acquisition: “We’re delighted to have agreed this transaction. We are particularly excited by the opportunities it offers both CashFlows and iCheque as we continue on our mission to maximise payments success for our customers, and also as we strive to innovate our technology and solutions to challenge established players in the financial services market.”
“We are excited about joining CashFlows. Bringing our offerings together will help us to accelerate growth, provide greater levels of service and focus in the electronic payment sector and to continue delivering innovative new products and services to our customers,” reiterated Caerwyn Prothero, co-founder and CFO, iCheque in an accompanying statement.