Investcorp Technology Partners acquires global FinTech company MIR

The payments platform serves more than 1 million customers in 180 countries

Investcorp's Bahrain office. Courtesy Investcorp
Beta V.1.0 - Powered by automated translation

Investcorp, the alternative asset manager that counts Mubadala Investment Company as its biggest shareholder, has acquired international FinTech company MIR Limited.

MIR operates payments platforms and offers e-wallet solutions.

Investcorp Technology Partners, a European technology sector-focused unit of Investcorp, acquired the MIR business and all its assets, the Bahrain-based alternative asset manager said in a statement on Monday.

It did not disclose financial details of the deal.

“MIR Limited’s strong product offering and capacity for innovation has positioned it at the forefront of ongoing advancements in payments,” Georg Knoflach, managing director at Investcorp Technology Partners, said.

“The acquisition marks the beginning of a fruitful partnership between Investcorp and the [MIR] business as we look to position it as a leader in the sector,” he said, adding that there are “exciting opportunities ahead – both organic and inorganic”.

Founded in 2016, MIR has more than one million registered users in 180 countries, including the UK, Germany, Italy, Canada and the Netherlands.

It offers wearable contactless payment technology, which integrates with its e-wallet and prepaid debit cards.

MIR, which has offices in seven countries, will continue to maintain its headquarters in the Isle of Man and its founder Israel Rosenthal will remain chief executive.

“ITP brings 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 [MIR] business,” Mr Rosenthal said.

Investcorp, which has assets worth more than $37 billion under management, has been on a deal-making spree in recent quarters.

It made five new private equity investments in the US and Europe, two add-on acquisitions and 11 investments in businesses across Asia in the 12-months to the end of June.

The Bahrain-based asset manager also spun off six private equity investments and sold several property assets in the US and Europe during the past financial year, it said in August.

Earlier this month, Investcorp and Riverside Investment Company said they sold a stake in Arrowhead Engineered Products to investment firm Genstar.

The company also completed the sale of its share in US-based workforce management firm PRO Unlimited to EQT Private Equity for an undisclosed sum, it said in a statement last week.

Updated: September 06, 2021, 10:07 AM