Bahrain-based Investcorp acquires overseas FinTech
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Bahrain-based Investcorp Technology Partners (“ITP”), has announced today its acquisition of all of the business and assets of UK-based FinTech MIR Limited, which operates innovative and award-winning payments platform and e-wallet solutions.
Investcorp has established a market-leading position of investing in lower mid-market technology companies with a specific focus on the Data / Analytics, IT Security, and Fintech / Payment sectors. Founded in 2016, MIR Limited’s launched as a fast-growing Fintech business offering world-class wearable contactless payment technology which integrates seamlessly with its E-wallet and ‘MasterCard’-branded prepaid debit cards.
With more than one million registered users in 180 countries across the globe, including customers in the UK, Germany, Italy, Canada and the Netherlands, MIR Limited will continue to maintain its headquarters in the Isle of Man with further offices in seven countries. Mr. Israel Rosenthal, the founder of MIR Limited, who will remain as CEO, commented on this acquisition “We are delighted by ITP’s acquisition of the Business. ITP brings a proven track record of investment success, expertise, and global network in the payments and technology sectors which will help realize the enormous growth potential for the Business and I look forward to working with the ITP team.”
Investcorp has a presence in 12 countries across the US, Europe, GCC, and Asia, including India, China, and Singapore; as of June 30, 2020, the Group had $32.2Bn in total AUM. Following the acquisition, Gilbert Kamieniecky and Georg Knoflach will represent Investcorp on the board of MIR Limited. Georg Knoflach, Managing Director, Investcorp Technology Partners, concluded “MIR Limited’s strong product offering and capacity for innovation has positioned it at the forefront of ongoing advancements in payments. The acquisition marks the beginning of a fruitful partnership between Investcorp and the Business as we look to position it as a leader in the sector. We see many exciting opportunities ahead – both organic and inorganic – and are looking forward to working with Mr. Rosenthal to take the Business to the next stage in its development.”
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