Advent aims to become a leading end-to-end payments and technology company. Its target market is small merchants and sole traders across Europe, traditionally underserved by banks.

Laurent Le Moal, former CEO of PayU and Vice-President at PayPal, joins as Chairman of Circle.

Headquartered in the UK, myPOS has over 500 employees. It provides a suite of payments, accounts and cards solutions for small merchants and sole traders.

MyPOS: founded 2012, serves 170,000 across 30 markets

myPOS was founded in 2012 by Christo Georgiev in the UK. It was first to offer instant payouts to merchants’ accounts in 2014. Since then, it has expanded to service more than 170,000 across 30 countries. In 2022, myPOS grew gross revenues by 39% y/y to €60m. Over 90% of revenue is generated in Europe and the balance in the UK. EBITDA/margin reached €11m/27%.

In a note to clients, investment bank, Jeffries, said the myPOS deal has an implied trailing valuation of c8x EV/Sales and c46x EV/EBITDA. This compares to European Boku, 6x and 49x, respectively. Largecap peers Nexi and Worldline trade on 2.5x/10x and 2.8x/21x, respectively.

Through its product offerings, myPOS sits at the centre of small and micro merchants’ financial flows. It is a key partner in allowing them to grow and develop their businesses. MyPOS clients operate across multiple sectors, including food & beverages, professional services, retail and transportation.

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The Circle platform will support the current myPOS management team in growing the customer base. It said it will preserve its differentiated business model and competitive value proposition.

Circle: ambition to scale the platform

Laurent Le Moal, Chairman at Circle, said: “We have big ambitions to scale the Circle payments and technology platform. It will expand its range of differentiated digital offerings to traditionally underserved sole traders and small merchants. The opportunities to scale the platform’s digital capabilities, to expand internationally, to grow into new services such as software and lending and in turn to support economic growth, are real and exciting. I cannot wait to start on this journey together with the Advent team.”

Fabio Cali, Director at Advent International, added: “We are very excited to invest in Circle. We will create a truly differentiated digital platform with the ambition to be both market leading and able to support the real economy by helping smaller businesses to flourish. Acquiring myPOS is the first step on this journey. It is a business we have followed for over five years, closely tracking its evolution and development. We intend to draw on our strong and in-depth payment processing and broader financial services experience. With the support of Laurent and our wide network of tenured operating partners, are confident we can build a successful and highly essential platform in Europe.”

Advent: $6.6bn investment in payments fintech since 2008

Circle aims to able to leverage Advent’s experience and knowledge in the payments industry. Worldwide since 2008, Advent has invested more than $6.6bn in 17 payments and fintech companies. Recent investments in the sector include Mangopay (a payments solution provider for marketplaces and platforms), Medius (a provider of cloud-based accounts payable automation), Thredd (the global payment technology platform) and Planet (a global provider of integrated digital payment services).

The transaction, which is subject to customary regulatory approvals, is expected to close in Q4 2023