Fintech
Dublin fintech CR2 acquired by Moroccan payments firm HPS
Led by CEO Fintan Byrne, CR2 generated revenues of almost €24 million in the 12 months to June 2023.
Irish fintech company CR2 has been acquired by Morocco-based payments software company Hightech Payment Systems (HPS).
HPS said the acquisition will enhance its digital banking and payments capabilities and accelerate its growth globally.
Headquartered in Dublin and led by CEO Fintan Byrne, CR2 has been active for more than two decades, initially focusing on the self-service banking market within the international operations of large banks such as Standard Chartered, Absa and Standard Bank.
Today, its proprietary BankWorld software platform powers more than 90 banks in more than 50 countries, providing them with digital banking, digital wallet and payment capabilities. Outside Ireland, CR2 has offices in Dubai, Jordan, India and Australia.
Byrne, who took over as CEO in 2017, said the acquisition by HPS is a “recognition of what the CR2 team has created and the opportunity for future growth within our business.” .
“Importantly, this is in line with our continued ambition on an international scale. As you increase in size you have even more opportunities to invest and innovate,” she said.
“This is an exciting time to be in the digital payments and banking technology industry. Together, we look forward to continuing to deliver to customers and all stakeholders with confidence.”
For HPS, the acquisition represents an opportunity to take advantage of “new potential revenue opportunities” in complementary markets already served by CR2, which generated revenues of almost €24 million in the 12 months to June 2023.
Abdeslam Alaoui Smaili, CEO and co-founder of HPS, said the acquisition marks a “significant milestone” in the growth of the Casablanca-listed company.
“CR2 has a differentiated and exciting capability set, which fits perfectly with HPS and adds significant depth and breadth to our platform. Both companies share a common passion for excellence in digital payments and providing high-value solutions to customers,” said Smaili.
“With similar cultures that value customer focus and high performance, we believe HPS will be an excellent home for CR2 to thrive and deliver long-term growth.”
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