UTP Group acquires Wellet’s Spanish customers

UTP Group, which owns card payments processing app tapeeno, has agreed to purchase German firm Wellet’s Spanish customer base for an undisclosed sum.

Tapeeno was founded in 2021 and is aimed at businesses and individuals with a turnover up to £2,500 per month. It claims it reduces funding delays that some businesses experience when taking card payments.

UTP Group said that the acquisition of Wellet, which uses similar technology to tapeeno, will help the app expand its customer base in the region.

UTP Group added that Wellet customers in Spain will be contacted in the coming days with further information about how they will be affected by the switch to tapeeno.

Commenting on the news Michael Ault, chief executive of UTP Group, said: “The acquisition allows our new Spanish customer base to continue with the convenience of accepting payments on their phone, while benefitting from tapeeno’s Faster Processing technology. This means customers in Spain will start receiving funds into their accounts within one hour of taking payment, significantly reducing funding delays by days.”

    Share Story:

Recent Stories


The human firewall: Activating employees to safeguard financial data
As financial services increasingly embrace SaaS and cloud-based technologies, they face emerging threats to safeguard sensitive customer data. While comprehensive IT security measures are essential, the active involvement of employees across organisations is pivotal in ensuring the protection of sensitive data.

Building a secure financial future for instant payments: The convergence of ISO 20022 and fraud detection
The financial landscape is rapidly evolving its approach to real-time transactions under the ISO 20022 standard, and financial institutions must take note. With examples such as the accelerated adoption of SEPA Instant Credit Transfers in Europe and proposed New Payment Architecture (NPA) programme in the UK, the need for swift and effective fraud detection is more crucial than ever.

Data Streaming and Consumer Duty: Transforming customer experience in banking
Introduced at the end of July, the Consumer Duty is a game-changing new set of rules and guidance for financial services institutions in the UK, and companies must look to modernise their systems in adherence with it in mind to create the best customer experience possible.

From insight to action: Empowering financial institutions through advanced technology and collaborative information sharing
The use of Information sharing in enhancing financial crime prevention has been universally agreed as being beneficial. However no-one has been able to agree on how information can be shared safely without breaching data protection laws or having the right systems to facilitate this, Information sharing has re-emerged as a major consideration for financial institutions (FIs) ahead of the Economic Crime and Corporate Transparency Bill being made into law in the UK.