Aquiline Capital Partners leads €50m round in Clear2Pay, Gimv exits investment

Many banks, processors and clearing houses are currently working with legacy payment silos that are proving inefficient and outdated in the face of shifting industry dynamics such as globalisation, consolidation, regulatory change and Eurozone harmonisation, according to Clear2Pay. The company hopes to address these shortcomings.

Belgian private equity firm Gimv has exited its interest in Clear2Pay as part of the deal. Gimv has been a shareholder of Clear2Pay since 2006, when it invested €4.7m in a first financing round totalling €15.7m. Gimv also invested in following capital rounds. The sale has a positive impact of €2.2m (€0.10 per share) on Gimv’s last published equity value at 30 September.

Jeff Greenberg, chief executive of Aquiline, said, "With financial institutions looking to streamline their operations, comply with changing local regulatory requirements and maximise revenue in the current financial environment, the demand for innovative payment systems has increased. Clear2Pay is a profitable business and has the best growth potential in the industry because of its experienced management team, next generation technology, strong customer relationships and proven ability to integrate strategic acquisitions.”

Asset management bankers from French financial services firm Société Générale set up their own hedge fund business with the backing of Aquiline in September. The new fund, Nexar Capital Group, offers access to funds of hedge funds, volatility arbitrage hedge funds, and tailored portfolios.

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