Paymo (Innovative Payment Technologies)

Innovative Payment Technologies is a processing company operating under the Paymo brand. It makes online payments for business, provides Internet acquiring on sites and in applications. Partners include financial institutions and various companies, including state-owned ones.

History

2022: VTB bought Paymo for 1.8 billion rubles

On June 8, 2022, it became known about the sale of Innovative Payment Technologies (IPT) to VTB Group. According to Kommersant, the deal was closed until February 24, 2022 (that is, before the start of the Russian special operation in Ukraine), and its cost amounted to about 1.8 billion rubles.

Paymo can increase the loyalty of VTB B2B customers by occupying "a small niche in its segment, becoming part of a more serious business in terms of scale," the source said. According to Dmitry Vishnyakov, an independent expert on the payment market, Paymo is a promising acquisition for VTB. He noted that IPT not only works with financial organizations, but also directly provides services to retail outlets in terms of mobile and Internet commerce, and also provides the opportunity to transfer funds between individuals - payment from card to card.

VTB bought Paymo for 1.8 billion rubles

According to Vishnyakov, small companies, like IPT, are acquired by large players primarily for development. According to the expert, VTB will be able to repel investments in the future with a combination of the right product and an adequate price. The non-cash payment industry is developing at a dynamic pace: the annual growth figures were at the level of 30-50%, so in the future we can expect serious growth rates from the company, he added.

Multicard is tailored to meet the needs of banks in processing services and serves the entire VTB Group, the source said.

Notes

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