The primer will be gradual, so that the market is very fragmented. But in the long term, the fintech Square could tap hard on the Old Continent.
CashApp is seen to grow wings during the confinement, helped by Square, his house-mother, who was able to place the perfect application of payment between friends in the face of the economic needs of the moment. In the space of three months, the fintech american was able to invite with Us. Several million new users are familiar with these new tools, in a country where the habits – in particular in respect of the payments in cash were systematically closed to new technologies.
In the result, the industry of new technologies, financial american is arrival to bounce back from this crisis, while Europe has a balance sheet more mixed. At Square, a company led by Jack Dorsey (co-founder and CEO of Twitter), the period seems to have been the opportunity to take the opportunity to make an acquisition far from trivial.
In fact, Square has just acquired Pay, a fintech specialist Spanish in the payment peer-to-peer, also called payment between individuals, or payment between friends in France. Pay offers a mobile application, which works by the simple registration of his telephone number, in the image of CashApp in the United States. The startup has already raised no less than 37.6 million, according to CrunchBase, and although we do not know the repurchase amount, Square could put between 30 and 50 million euros in this operation.
A european version of CashApp
Square did not remain in the blur following its acquisition of the startup company barcelona listed in New York. She said in a press release : ” at this stage, our main priority is to allow to Pay to continue its successful growth in Europe. Pays will continue to operate as an independent company, working from its offices without immediate change to its products, customers, or existing business. “
The fintech american could yet have big ambitions with the startup. The path seems clear and logical : to the side of CashApp in the United States and in England, why not a Pay in Europe ? The CashApp european still has a little way to go : it operates on a very fragmented market, and in recent years, its activity has been idling. This is only from the last year and a return to the foundation by its founders that the application has returned to growth, and the interest of the giants.
These last eighteen months, the growth has been very strong. The newspaper El Pais wrote that ” the application has multiplied by eight the number of users who perform transactions each month. A boost that has helped to Pay to multiply by 17 the volume of transactions during the last 18 months, reaching a total volume of transactions of 150 million euros “. She would have today a little over a million customers.
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Its license payment european in the pocket, Pours begins to deploy. Its users are beginning to identify in France, Portugal or even Italy. Pays also seeks to diversify its services and has partnered with Visa to launch its own debit card. Now, Square will phase in the steering box, and provide the tools and resources necessary to ensure that the application can be erected independently of the banks in line, in the manner of CashApp.
“Pays will join the organization CashApp of Square, allowing the two teams to learn from one another, while we provide additional support using the technology and resources of CashApp “ was able to declare the fintech american in a press release, in full transparency.
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