IPG’s expertise in online education, ticketing and events, insurance and general e-commerce verticals is expected to accelerate Mint’s expansion plans within these industry verticals. Credit: Gerd Altmann from Pixabay.

Australian payments firm Mint Payments has acquired full-service e-commerce payment gateway IPG Group for an undisclosed amount.

Founded in 1997, IPG provides white label payment gateway solutions to large merchant acquiring organisations in Europe.

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IPG’s expertise in online education, ticketing and events, insurance and general e-commerce verticals is expected to accelerate Mint’s expansion plans within these industry verticals.

Additionally, the company will bring together their capabilities in Card Present (CP) and Card Not Present (CNP) capabilities to unveil an omnichannel payment solution.

This is expected to facilitate cross-selling of new products, and increase revenues across all customers and industry verticals.

Mint Payments CEO Alex Teoh said: “We are excited to have completed this transformative acquisition of IPG Group, which has established itself as one of the most reliable, full-service, enterprise-grade online payment gateways in the Asia-Pacific region.

“We have been incredibly impressed with the founders and leadership team and look forward to the next stage of our journey together.”

Funding round

The latest deal follows Mint’s $10m financing round, which was joined by existing and new investors.

Proceeds were raised by the firm through the issue of $7m in convertible preference shares and $3m in convertible notes from a new institutional investor, HGL.

This funding will help the firm accelerate its expansion plans and support the takeover.

The composition of the capital raise is said to provide the optimal funding structure for the business’ growth and supports its future strategies.

In 2018, the firm raised $4.9m in total funding with the completion of a share purchase plan.