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.”
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