Worldline and Crédit Agricole have announced their partnership to build a new joint payment company in France that will leverage both companies’ capabilities in merchant acquiring footprint, distribution network, and knowledge of the French market as well as Worldline’s tech and global infrastructure capabilities across in-store and online payments.
Facts
- The joint venture is expected to be operational by 2025.
- The joint company will offer services for French firms across the whole merchant services value chain, including both acceptance and acquiring.
- Worldline and Crédit Agricole will invest €80 million into the venture, with an even split over 2023 and 2024.
- Cash still constitutes 40% of payment volumes in France, which represents an “attractive growth opportunity” according to both firms.
- Worldline CEO Gilles Grapinet says the partnership represents a “unique opportunity” to expand its footprint and scale within continental Europe’s largest acquiring market.
- The joint company will be majority owned and fully consolidated by Worldline, with 50% of total capital plus one share.
- The new outfit will offer services for French firms across the whole merchant services value chain, including both acceptance and acquiring, “which is a fast-moving and critical area to their business,” says Crédit Agricole deputy general manager of technology, digital and payments, Jean-Paul Mazoyer.
