MANAMA: Investcorp Technology Partners (ITP), a European technology investor, has completed the acquisition of MIR Limited, a digital payments platform operator.
Founded in 2016, MIR is a fast-growing fintech business with more than one million registered users in 180 countries across the globe, including customers in the UK, Germany, Italy, Canada and the Netherlands.
Its offering includes wearable contactless payment technology which integrates seamlessly with its e-wallet and MasterCard-branded prepaid debit cards.
Following completion of the acquisition by ITP, the business will continue to maintain its headquarters in the Isle of Man with further offices in seven countries.
Israel Rosenthal, the founder of MIR, will remain as the chief executive of the business.
Commenting, Georg Knoflach, managing director of ITP, said: “MIR’s strong product offering and capacity for innovation has positioned it at the forefront of ongoing advancements in payments. The acquisition marks the beginning of a fruitful partnership as we look to position it as a leader in the sector. We see many exciting opportunities ahead – both organic and inorganic – and are looking forward to working with Mr Rosenthal to take the business to the next stage in its development.”
Mr Rosenthal said: “ITP bring a proven track record of investment success, expertise and global network in the payments and technology sectors which will help to realise the enormous growth potential for the business and I look forward to working with the ITP team.”
Following the acquisition, Gilbert Kamieniecky and Mr Knoflach will represent Investcorp on the board of the business.
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