News - 31.08.2017

Payconiq acquires Digicash and picks Luxembourg for new HQ

  • FinTech

Luxembourg will act as EU-hub and drive Payconiq’s expansion with the support of international banks.

share on

Payconiq is a European payment initiative with substantial activities in the Benelux. During the acquisition of the thriving Luxembourg mobile payments company Digicash, Payconiq decided to set up its EU-hub in Luxembourg. Along with the move, Payconiq, as sole entity, has received investment from ING, KBC and Belfius as shareholders. In the near future, more international operating banks will participate in the mobile payment service provider.

Today, Digicash is already used by 25 percent of the local population. Payconiq aims to establish a strong partnership with banks and retailers, in order to capitalize on the substantial efforts made in recent years and to build one of the most advanced mobile payments setups in Europe. Thanks to the cooperation with Digicash, customers will be able to use Payconiq for online, on-the-go and direct payments right across the Benelux in 2018.

Payconiq CEO Duke Prins said: “The excellent work done by banks and by the entrepreneurs behind Digicash forms another cornerstone of the combined product offer we are building. Our intention is to tightly partner with the national Digicash community of consumers, retailers and banks. Similarity of philosophies, business setups and product architecture highly facilitates our collaboration. This is also a great example of a Benelux-partnership, laying a strong foundation for a European digital future in payments.”

Luxembourg will act as Payconiq’s central hub for the countries in which it is active and drive the company’s continued expansion in Europe. Following the relocation, Payconiq is supervised by the Commission de Surveillance du Secteur Financier (“CSSF”), the Luxembourg supervisory authority for the financial sector.

Duke Prins, added: “The relocation of our headquarters to the heart of Western Europe is a new step in the development of Payconiq as a European payment service. With a number of powerful international banks as shareholders, we will be able to accelerate our growth throughout Europe.”