Private equity firm Innova Capital backs Polish e-payment business PeP

European private equity firm Innova Capital has backed Polish e-payments business Polskie ePlatnosci(PeP).

The firm said it intends to use the business as a platform for consolidation of Poland’s payments sector.

Founded in January 2010, PeP specialises in processing cashless payment and the delivery of innovative business services according to its website.

It provides support for payment transactions using payment cards and other services using terminals in retail outlets.

Innova managing partner Krzysztof Kulig said, “In our investment strategy, we are consistently increasing our commitment in entities with a distinct technology DNA and a market position that opens the route for expansion and rapid growth.

“FinTech, a sector which combines financial services with state-of-the-art technologies, is not only a sector with a positive outlook, but also a well-known terrain for us “

The firm’s previous investments in the electronic payments market include Polcard (now FirstData), Hungarian company Euronet and Romanian business Provus.

Last month, partner Magdalena Magnuszewska told AltAssets that Innova is looking to raise its next fund later this year and will seek investments in businesses riding the new digital wave in Poland.

Copyright © 2016 FINTECH GLOBAL