Irish payments FinTech Planet has been valued at €1.8bn following the sale of a stake in the business.
In Brief:
Eurazeo, a European investment company, has sold part of its stake in the business.
Planet was formerly known as Fintrax before rebranding when it acquired US business, Planet.
The FinTech supports merchants, acquirers and consumer with international payments.
What does this mean?
Eurazeo will be reinvesting and co-controlling Planet in partnership with Advent International. Planet, which works with merchants including Giorgio Armani, Gucci and Hugo Boss, originated as one of the largest processors of tourist VAT refunds, says the Irish Times.
