Verysell Group, a Swiss incubator of emerging businesses worldwide, announces a merger with Wallet Factory, a Ukrainian provider of digital financial services and enterprise-grade platforms
NYON, SWITZERLAND, April 22, 2022 – Verysell Group has signed a merger agreement with Wallet Factory, a FinTech provider of digital financial services and platforms operating across the Latin American, Middle East/North Africa, and Southeast Asia regions. The merged business will operate under a new Swiss entity.
The transaction is expected to close in July, 2022. The deal will see the new Swiss entity absorb all the Wallet Factory’s operations — which currently include, but are not limited to, Ukraine, Poland and the UAE. All of Wallet Factory’s 53 employees will be retained by the new company, saving roles that are under unique pressure due to the ongoing war in Ukraine.
“Over the past three years, Verysell has been looking to invest into budding businesses with reliable technology solutions. With immense potential, Wallet Factory is just the right choice for us. We see great synergies between Wallet Factory’s offerings and other businesses within the Verysell portfolio,” said Dr Mikhail Krasnov, Chairman of Verysell Group. “First and foremost, we will focus on cooperation between the teams of Wallet Factory and Verysell Technologies UK – developer of VeryPay, a cutting-edge extension for eWallets, which enables integration of physical payment cards and wearables into their functionality.”
“Without question, Verysell is an excellent fit for Wallet Factory at a time where our main operations are exposed to unique, unprecedented circumstances,” said Michael Miro, CEO of Wallet Factory. “Verysell’s resources will help Wallet Factory’s core business grow, guarantee continuity of services, and provide enriched products to new and existing clients in Europe and internationally.”
Upon completion of the transaction, Verysell will provide financial resources to Wallet Factory and support its staff where possible. Existing clients of Wallet Factory will not see their services disrupted. Moreover, the clients will capitalise on the delivery of enhanced services that are derived from the VeryPay’s private payment network. The range of new unique FinTech services and solutions will include such innovative offerings like eWallets, payment solutions, card tokenization services, and customer loyalty programs — everything that helps financial businesses generate more profits while driving value and financial inclusion across unbanked and underbanked communities.
About Verysell Group
Since 1990, Verysell Group has developed bespoke technology for financial service providers and blue-chip organisations in many developing markets. From 2020, Verysell Group has incubated emerging businesses through acquisition and strategic investment. Examples include the private payment network VeryPay, mobile gaming studio VeryPlay, and software powerhouse SmartDev, which already employs over 200 staff in Vietnam and the UK, and offers software development services for SME and large organisations worldwide. Verysell Group is headquartered in Nyon, Switzerland with offices in the UK and Vietnam.
About Wallet Factory
A FinTech provider of digital finance services and enterprise-grade platforms. Wallet Factory enables financial businesses of any size with access to digital opportunities, like market-ready eWallets, payment solutions, card tokenization services, customer loyalty programs, and more.