WorldPay
Encyclopedia
WorldPay is a payment processing company. It provides payment services for mail order and internet retailers, as well as point of sale transactions. Customers are a mix of multinational, multichannel retailers
, with the majority being small business merchants. WorldPay started as an electronic payment provider called Streamline in 1989 in the UK but has extended into Mail Order/Telephone Order, "unattended" payments and handling secure payments over the internet through merger and acquisition of several other companies.
It was acquired in 2002 by Royal Bank of Scotland
(RBS) which renamed the business RBS Worldpay. RBS expanded the business significantly by acquiring and merging a number of payment solutions companies from different countries. Over the next 5 years it was combined with seven leading retail payment solutions brands: Streamline, Streamline International, PaymentTrust, Netherlands based Bibit, RiskGuardian and US based Lynk. By 2007, WorldPay was the largest merchant acquirer in Europe and one of the largest globally, operating in more than 40 countries, 120 transaction currencies and 14 settlement currencies. That year WorldPay processed 4.4 billion transactions worldwide.
As a condition of the European Commission's clearance in December 2009 of state aid to RBS, Worldpay was to be sold as part of divestiture plan that was agreed. On 6 August 2010, Advent International
and Bain Capital
agreed to acquire WorldPay for £2.025bn including a £200m contingent consideration. The RBS group retained a 20% stake in the newly-independent business with Advent International and Bain Capital owning 40% each. The sale completed on 1 December 2010. RBS WorldPay was renamed WorldPay as part of the deal.
On the 21st December 2010, almost immediately following on from the sale, WorldPay acquired Cardsave
, one of the UK’s leading independent sales organisations distributing credit and debit card processing services to small retailers.
WorldPay continues to expand rapidly. In May 2011 WorldPay acquired Envoy Services Limited, a leading provider of alternative payment solutions to eCommerce merchants worldwide, for an undisclosed amount.
Multichannel retailer
A multichannel retailer is a company that sells directly to the public via more than one distribution channel. Most multichannel retailers sell through mail order catalogs and "brick & mortar" retail stores...
, with the majority being small business merchants. WorldPay started as an electronic payment provider called Streamline in 1989 in the UK but has extended into Mail Order/Telephone Order, "unattended" payments and handling secure payments over the internet through merger and acquisition of several other companies.
History
WorldPay first provided internet payment services in 1994, making it one of the first providers of such services in the world.It was acquired in 2002 by Royal Bank of Scotland
Royal Bank of Scotland
The Royal Bank of Scotland Group is a British banking and insurance holding company in which the UK Government holds an 84% stake. This stake is held and managed through UK Financial Investments Limited, whose voting rights are limited to 75% in order for the bank to retain its listing on the...
(RBS) which renamed the business RBS Worldpay. RBS expanded the business significantly by acquiring and merging a number of payment solutions companies from different countries. Over the next 5 years it was combined with seven leading retail payment solutions brands: Streamline, Streamline International, PaymentTrust, Netherlands based Bibit, RiskGuardian and US based Lynk. By 2007, WorldPay was the largest merchant acquirer in Europe and one of the largest globally, operating in more than 40 countries, 120 transaction currencies and 14 settlement currencies. That year WorldPay processed 4.4 billion transactions worldwide.
As a condition of the European Commission's clearance in December 2009 of state aid to RBS, Worldpay was to be sold as part of divestiture plan that was agreed. On 6 August 2010, Advent International
Advent International
Advent International is a global private equity firm focused on buyouts of middle market growth companies in Western and Central Europe, North America, Latin America and Asia...
and Bain Capital
Bain Capital
Bain Capital LLC is a Boston-based private equity firm founded in 1984 by partners from the consulting firm Bain & Company. Originally conceived as an early-stage, growth-oriented investment fund, Bain Capital today manages approximately $65 billion in assets, and its strategies include private...
agreed to acquire WorldPay for £2.025bn including a £200m contingent consideration. The RBS group retained a 20% stake in the newly-independent business with Advent International and Bain Capital owning 40% each. The sale completed on 1 December 2010. RBS WorldPay was renamed WorldPay as part of the deal.
On the 21st December 2010, almost immediately following on from the sale, WorldPay acquired Cardsave
Cardsave
Cardsave is a payment processing company. It provides online payment solutions as well as point of sale credit card processing solutions for small to medium businesses...
, one of the UK’s leading independent sales organisations distributing credit and debit card processing services to small retailers.
WorldPay continues to expand rapidly. In May 2011 WorldPay acquired Envoy Services Limited, a leading provider of alternative payment solutions to eCommerce merchants worldwide, for an undisclosed amount.