WorldPay acquires Cardsave

Payments provider WorldPay has bought merchant acquirer Cardsave from private equity firm Exponent and the Cardsave Management team for an undisclosed sum. Cardsave specialises in distributing credit and debit card processing services to small retailers and currently serves some 42,000 merchants in the UK. WorldPay, which was acquired from RBS by private equity investors earlier this month, announced its intention to aggressively expanding its business.

Payments provider WorldPay has bought merchant
acquirer Cardsave from private equity firm Exponent and the
Cardsave management team for an undisclosed sum.

Cardsave specialises in distributing credit
and debit card processing services to small retailers and currently
serves some 42,000 merchants in the UK.

WorldPay, which was acquired from RBS by
private equity investors earlier this month, announced its
intention to aggressively expand its business.

Cardsave will continue to operate its current
business model under its own brand. The existing Cardsave
management team will continue to manage the business, and Cardsave
CEO Clive Kahn will report directly to the CEO of WorldPay.

WorldPay CEO Ron Kalifa said: “I am personally
delighted with the acquisition of Cardsave as this brings mutual
benefits to both companies based upon a shared ethos of service
excellence and small business support.

“Cardsave will enable us to fulfil our
ambitions to support even more ‘new-to-card’ SME businesses in the
UK, while our WorldPay team will continue to support SME businesses
who bank with both RBS and NatWest.

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“The acquisition of Cardsave signals our
commitment to playing a leading role in better serving the needs of
UK merchants.”

Cardsave’s Kahn said: “Cardsave will benefit
from becoming part of WorldPay and the opportunities to strengthen
our proposition to small UK merchants, particularly with the
growing trend from cash to credit and debit card settlement and the
demand for card-not-present services.”