NeTeller Â£12 Million Transaction.
Online casino gaming's biggest name in e-cash processing, the Isle of Man based Neteller, paid out GBP 12.36 million this week to substantially raise its UK presence with the acquisition of credit card processor Netinvest and its subsidiary Netbanx. The deal is said to be worth GBP 12.36 million - Neteller to process own credit card transactions.
Founded in 1996, Netbanx has relationships with all of the major UK acquiring banks, as well as MasterCard, Visa, American Express, Diners Club, Pago and Euroconex.
The company currently processes approximately GBP 10 million of credit card payments each month and reported a profit of GBP 1.13 million for the 18 months to June 2005.
According to NeTeller chief executive Gord Herman "Netbanx will provide NeTeller with the ability to process its own credit card transactions, retaining a greater proportion of margin in-house".
Editor, Jackpot.co.uk - 2005-11-01 11:30:40