VeUP targets fintech industry with acquisition of M3 Payments technology suite

VeUP, a new global tech consultancy has acquired the product suite of UK fintech company M3 Payments as part of a multi-million-dollar growth strategy.

Founded in 2015, M3 Payments is an innovative app that enables international money transfers alongside social interaction. The company’s payments system allows users to send funds safely and securely around the world. The app covers 123 countries with six currencies available: EUR, USD, GBP, CHF, PLN and ZAR. The M3 Payments multi-currency card can be used to pay online, pay in stores and at any ATM.

The acquisition is the latest in a series of deals funded by VeUP’s €100m growth fund which was launched in February this year and is designed to empower AWS technology companies. VeUP, which is planning to hire 40 fulltime staff this year, has opened offices in the UK and the US and has hired AWS veteran James Campanini as its CEO. Campanini previously served as Head of Channels and Alliances, UK&I at AWS, and will oversee the company’s expansion.

Mihai Ivascu, CEO, M3 Payments said:

“We are delighted to pass the torch to VeUP, the company has the financial strength, global footprint and expertise to take M3 Payments to the next phase of its development.”

Scott Young, special adviser, VeUP board said:

“The fintech market is constantly evolving and innovating, and we’re extremely impressed by M3 Payments technology and product suite, providing seamless international money transfers at the touch of a button. This acquisition is the first of many in the fintech space, which we believe presents a huge opportunity for our business.”