Global Blue, a Switzerland-based tourism shopping tax refund company, has acquired Australian firm Currency Select from Travelex.
Currency Select, which works directly with Visa, MasterCard and UnionPay, enables partners in 21 nations to perform dynamic currency conversion and multi-currency processing transactions via ATMs, point-of-sale (POS) payment terminals and e-Commerce channels.
Global Blue said the acquisition will see it expand its business into eight additional markets including New Zealand, Indonesia, India and the United Arab Emirates.
Currency Select operates a direct-to-merchant acquiring business and holds an acquirer licence for UnionPay in Australia.
Commenting on the acquisition, Global Blue CEO Jacques Stern said: "This acquisition greatly enhances Global Blue’s leadership position within the currency processing sector, both in Australia and around the world. Currency Select’s products complement our own offering extremely well and the integration of our two organisations will allow us to offer a compelling service to our global partners."
Currency Select managing director Damian Cecchi said: "We look forward to continuing our journey under the ownership of Global Blue, leveraging our achievements, capabilities and expertise to continue to innovate in the DCC and MCP payments space. Global Blue’s resources, relationships and focus on international commerce will turbo-charge our ability to innovate our offering, serve more customers and extend our global reach."