The secure payment and data protection company Entrust announced in a press release on Wednesday September 22 the acquisition of the Paris-based FinTech company Antelop Solutions. The deal is expected to be concluded in the coming weeks, according to the announcement.
The company did not disclose the purchase price or any financial information relating to the acquisition.
By merging with Antelop, which gives financial institutions the ability to issue secure digital credit and debit cards to customers, Entrust will simplify the process for banks by adding secure, fully digital credit and debit cards to their mobile wallets. , according to the press release.
Antelop Solutions, which was founded in 2014, serves more than 40 leading banks in 25 countries. The company employs around 30 employees who will join Entrust as part of the acquisition, according to the press release.
“Consumers want to transact transparently and securely, anywhere in the world and across all platforms,” said Todd Wilkinson, CEO of Entrust. “Banks, credit unions and other financial institutions need to make digital and physical card payment options secure and easy for their cardholders. “
The growth of digital payments has seen a significant increase in the wake of the pandemic. Debit and credit cards and digital wallets have seen their net use increase since the start of the COVID-19 pandemic in 2020, according to PYMNTS. In a PYMNTS Online Security And The Debit-Credit Divide survey of 2,500 U.S. consumers, 41% said they preferred to use credit cards to pay online, making it the way to pay the most used. Of those polled, 28% said they had increased the use of online cards since the start of the pandemic.
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As more financial institutions strive to deliver a more extensive digital experience, JP Morgan – the second largest bank – is focused on accelerating operations and the digital transition in the UK, according to PYMNTS. JPMorgan will compete with Chase, HSBC and digital-only banks such as Monzo to attract customers to its digitally-focused banking services.
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