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Neovia Financial in pre-paid payment services acquisition

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by Kay Mitchell

Online payments provider, Neovia Financial, has acquired IDT Corporation’s European Prepaid Payment Services Division for a total cash consideration of $15.05 million (£10 million), which includes $10 million of banking regulatory capital.

The agreement will create one of Europe’s largest independent pre-paid debit card businesses.

The deal is for the entire issued share capital of IDT Financial Services Holdings Limited and certain other assets.

The acquisition will mean Neovia can enhance its product lines and distribution based on the IDT Prime Card, accelerating the development of Neovia’s pre-paid Net+ card business and rapidly increasing the company’s active Neteller e-wallet customer base.

Commenting on the deal, Ron Martin of Neovia said the acquisition of IDT Finance represents a major milestone in the development of our financial services offering to both our consumers and merchants and in our overall strategy to diversify our business.

The integration of IDT Finance’s well-regarded prepaid debit card operation and banking licence will enable us to leverage our existing capabilities to offer additional products and services. We welcome IDT Finance to Neovia and look forward to developing the full potential of the business as part of our broader strategic vision, added Mr Martin.

Meanwhile, Howard Jonas of IDT Corporation, said that Neovia’s considerable resources and expertise will expand the range of financial services available to IDTFS customers while nicely complementing Neovia’s existing capabilities.

The acquisition is subject to approval from the Gibraltar FSC and the agreement from MasterCard.

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News posted: December 2, 2008

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