In a nutshell:
- The US investment fund Advent International has finalized the acquisition deal of the Bulgarian fintech company myPOS.
- Initially announced in November 2023, the deal has passed regulatory approval, reported myPOS. The transaction was conducted via the established British entity, Al Circle BidCo Ltd, in June.
- The parameters of the deal remain undisclosed.
Their background story:
Established in 2012 by Hristo Georgiev and Yavor Petrov, myPOS develops a card payment platform, allowing small and medium-sized companies to use their money immediately after each transaction without paying extra for it. The company works with 170K small businesses in transportation, retail, and hospitality across Europe.
Advent International manages assets worth around $91B, backing companies across 42 countries.
In their own words:
“We have big ambitions to expand the range of additional digital services and provide new opportunities that small merchants rarely have access to. The opportunities to support small businesses and the economy are real, and I am delighted to join Advent and myPOS in this endeavor,” said Laurent Le Moal, former CEO of PayU, currently the Chairman of the Board of Circle.
“The role of fintech companies is to offer innovative solutions to pressing problems, as well as a wide range of useful business management tools, all in one place. This is exactly what myPOS will continue to do,” shared Maxim Kochnev, Chief Financial Officer of myPOS.
Their future steps:
The company plans to accelerate its growth and become a leader in the micro, small, or medium-sized enterprise segment in the payment industry. myPOS recently opened new stores in Naples, Italy, and Lyon, France, and is preparing for a new wave of expansion into the European market.
In order to advance its further growth, myPOS is introducing two crucial roles to its leadership team. Abdennour Bezziou was appointed as Chief Technology Officer of the group, and Lyubomir Atanasov as Vice President of Strategy.
Christo Georgiev, the founder of myPOS, is exiting the business, while the management team remains involved.
