The financial technology sector is witnessing a pivotal transformation with the announcement of the acquisition of Irish digital banking company CR2 by Hightech Payment Systems (HPS), the Moroccan leader in payment software solutions. CR2, which surged into the spotlight during FinovateFall 2014 in New York, has since provided its services to an impressive roster of over 90 banks spread across more than 50 countries. The merger with HPS is particularly strategic as it stands to enhance the company’s reach not only in French-speaking African markets but also across English-speaking African regions and Australia, thereby diversifying and amplifying its market presence significantly.
A Pioneering Union in Fintech
CR2’s Market Presence and Performance
CR2 has established a formidable footprint in the digital banking space with its flagship platform, BankWorld. This platform has delivered personalized banking experiences to customers far and wide, earning CR2 a reputation for innovation and customer-centric solutions. This acquisition comes on the heels of an impressive financial showing, with CR2 boasting a last 12-month revenue of €23.8 million leading up to June 2023. CEO Fintan Byrne echoes the synergy between CR2’s growth ambitions and HPS’s established market dominance, underscoring a joint commitment towards innovation and an enriched customer experience.
HPS’s Strategic Growth and Expansion
The acquisition is hailed by HPS’s founder and CEO, Abdeslam Alaoui Smaili, as a transformative milestone for the company. By integrating CR2’s unique technology capabilities into HPS’s own PowerCARD payment solutions – a suite employed by over 500 institutions in more than 95 countries – the merger is predicted to significantly strengthen the combined entity’s product offerings.
Reflecting Broader Industry Trends
Fintech Consolidation and Customer Benefits
In a significant shift within the fintech arena, Hightech Payment Systems (HPS) of Morocco, known for its advanced payment software offerings, has announced it is acquiring CR2, an eminent Irish digital bank services provider. This strategic merger positions HPS to strengthen its influence, especially in French and English-speaking areas of Africa, as well as Australia. This move promises to expand their market influence substantially, integrating CR2’s robust service suite into HPS’s existing portfolio, which will likely foster new customer relationships and reinforce their global market position.
