- Transact Europe has highly sought-after licensing, including principal level membership of Visa, worldwide membership of Mastercard, and principal membership of China UnionPay
- GreenBox’s acquisition provides a fertile foundation for its stablecoin project, coyni
- Clients of GreenBox will now have easy access to the tools they need to take their business across borders
GreenBox POS (NASDAQ: GBOX), an emerging FinTech company experiencing rapid industry growth, recently announced that it completed the rigorous regulatory process required in the acquisition of Transact Europe Holdings – an acquisition valued at approximately $28 million, substantiated by the value of Transact Europe’s business volume, strategic licensing, systems, and personnel (https://ccw.fm/edBUU).
Transact Europe EAD (“TEU”) is an EU-regulated electronic money institution headquartered in Sofia, Bulgaria. TEU has an assortment of highly sought-after licenses, including principal level membership of Visa, worldwide membership of Mastercard, and principal membership of China UnionPay. TEU is also a part of the direct Single Euro Payments Area (“SEPA”), which is a crucial payment system enabling the increased presence of cashless payments across Europe. TEU’s global footprint and proprietary payment gateway and technology platform position GreenBox to expand its share in a market where the opportunities for new entrants to dominate are immense.
GreenBox’s acquisition of TEU allows the company to deliver European merchants an advantage of speedier payments, competitive rates, easy onboarding, and expertise in higher-risk verticals. The company has several key initiatives ready to deploy to unleash synergies and usher in growth. The retail segment is one target area with the card present transaction arm of TEU. The incorporation of alternate payment methods across Europe will expand acceptance that includes other regional card issuers. Additionally, banking and foreign exchange capabilities are a value-add solution afforded to clients and are expected to drive revenue for GreenBox.
Ben Errez, chairman of GreenBox, commented on the acquisition, saying it was a momentous triumph for the company, representing the most significant asset to date for GreenBox, allowing it to move forward as a significant player in the European and global marketplace. “GreenBox and TEU are a natural complement to each other, with TEU’s licenses and infrastructure combined with GreenBox’s suite of customized blockchain payment solutions, global strategy, and technology creating a powerful synergy that we believe will quickly scale in the European market in which non-cash payments account for over 100 billion transactions and exceed 160 trillion euros per year,” Errez said. “Furthermore, our combined infrastructure paves the way for expansion into other digital payments markets and countries around the world. As a result, we expect to see momentous gains in processing volume leading to stronger revenue contribution and long-term sustainable value our shareholders expect.”
With substantial transactions in the region taking place across borders, GreenBox’s acquisition of TEU will provide a solid foundation to drive the adoption of coyni, GreenBox’s stablecoin and digital payment platform technology. Additionally, the acquisition will provide the allure for United States clients with the capabilities necessary to expand their businesses into the European market and vice versa. During the first year, TEU is expected to contribute approximately $2 million of adjusted EBITDA, and GreenBox anticipates that this transaction will be accretive to cash earnings per share in the first year.
“We have already seen over the past few months the depth and breadth of new merchants and partner opportunities that GreenBox is adding to Transact Europe. These substantial volumes and excellent margins make it clear how successful GreenBox will be in their ownership. We wish them every success,” TEU Chairman James Bergman also commented.
For more information, visit the company’s website at www.GreenBoxPOS.com.
NOTE TO INVESTORS: The latest news and updates relating to GBOX are available in the company’s newsroom at https://ccw.fm/GBOX
CryptoCurrencyWire (“CCW”) is a financial news and content distribution company that provides (1) access to a network of wire services via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets, (3) enhanced press release services to ensure maximum impact, (4) social media distribution via IBN (InvestorBrandNetwork) to nearly 2 million followers, and (5) a full array of corporate communications solutions As a multifaceted organization with an extensive team of contributing journalists and writers, CCW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CCW brings its clients unparalleled visibility, recognition and brand awareness. CCW is where news, content and information about crypto converge.
To receive instant SMS alerts from CryptoCurrencyWire, text “CRYPTO” to 844-397-5787 (U.S. Mobile Phones Only)
For more information, please visit https://www.cryptocurrencywire.com
New York, New York
CryptoCurrencyWire is part of the InvestorBrandNetwork.