2 Oct 2018
InnoCells, Banco Sabadell’s digital business hub, has acquired PAYTPV, a Spanish start-up which offers an advanced payment platform from which to optimise the on-line payment collection process with a fully integrated user experience.
The company, created in 2016 and with locations in Bilbao and Madrid, is an Internet Payment Service Provider (IPSP) authorised by Bank of Spain as a payment institution.
One of the main aims of PAYTPV is to help B2C and B2B businesses to increase their sales and improve security. To achieve this, the start-up combines all of the collection channels – online, telephone, booking system and physical – into a single control panel, which simplifies the process of making payments across multiple banks and currencies. It also offers OneClick payments and enables the application of advanced anti-fraud controls. The solution is fully integrated with the aesthetics of websites, ERP software and apps, and it is compatible with all sorts of devices.
Javier García, CEO of PAYTPV, highlights: “We are all very excited about this latest development. Our relationship with Banco Sabadell will allow us to expand our internal resources, improve the time to market of future products and innovate, applying a broader, more international perspective and, above all, meeting the standards that the market demands”.
Diego Marcos, CTO of PAYTPV, emphasises: “Thanks to Banco Sabadell, we will speed up our time to market through research and development. Sabadell is the most mindful financial institution in Spain when it comes to payment methods, and it is great to see it make this move in its pursuit of innovation, incorporating the most versatile technological tool available into its systems with one of the most competent technical teams in the payments market”.
Julio Martínez, Executive Director of InnoCells, underlines: “The integration of the advanced solution offered by PAYTPV and the proven talent of the team there will strengthen Banco Sabadell’s leadership in digital payments, which is a business line that has a huge growth potential”. He also added: “This acquisition reflects InnoCells’ commitment to making strategic investments in order enable the institution to tap new technological capabilities, additional know-how and differential talent”.
Banco Sabadell aims to create a hub of services for merchants and businesses that integrates a variety of solutions – fincom, escrow, etc. – to drive the creation of a comprehensive offering and an even closer relationship with customers.
To achieve this, the bank will integrate the competitive and modular solutions offered by the PAYTPV payment platform, as well as its added value services, such as interactive voice response (IVR), its capacity to personalise collection processes and a team with extensive technological know-how.
Banco Sabadell will thus be able to strengthen its already solid position in the acquisitions market (where it has a share of 15.5%) and, specifically, in online payments (16.6%). The institution will also offer online acquiring services to both customers and non-customers, as it has its own payment entity as well as omnichannel coverage and a multi-country solution.
InnoCells, strategic investments vehicle
InnoCells carries out digital and technological strategic investments that give Banco Sabadell access to new technological capabilities, talent and expertise. In particular, InnoCells carries out direct retail investments as well as acquisitions in order to gain access to new digital business models and core capabilities in a short time-to-market.
In 2017, InnoCells co-led an investment round of £1.5 million (around €1.6 million) of seed capital in the British platform Bud. In February, the hub led an investment round of €1 million of seed capital in the voice biometrics start-up Biometric Vox.
In June, InnoCells acquired Instant Credit, a Spanish start-up that offers instant loans in both physical and digital (e-commerce) points of sale. In July, it invested €7.5 million in the venture capital fund Cardumen Capital. In September, the hub invested €5 million in the Spanish venture builder Antai.