VeUP acquires M3 Payments technology suite

By Gloria Methri

VeUP, a new global tech consultancy has acquired the product suite of UK FinTech company M3 Payments as part of a multi-million-dollar growth strategy.

Founded in 2015, M3 Payments is an innovative app that enables international money transfers alongside social interaction. The company’s payment system allows users to send funds safely and securely around the world.

The app covers 123 countries with six currencies available: EUR, USD, GBP, CHF, PLN, and ZAR. The M3 Payments multi-currency card can be used to pay online, pay in stores, and at any ATM.

The acquisition is the latest in a series of deals funded by VeUP’s €100 million growth fund launched in February this year, to empower AWS technology companies. VeUP, which is planning to hire 40 full-time staff this year, has opened offices in the UK and the US and has hired AWS veteran James Campanini as its CEO. Campanini previously served as Head of Channels and Alliances, UK&I at AWS, and will oversee the company’s expansion.

Mihai Ivascu, CEO, M3 Payments said, “We  are delighted to pass the torch to VeUP, the company has the financial strength, global footprint, and expertise to take M3 Payments to the next phase of its development.”

Scott Young, special adviser, VeUP board said, “The FinTech market is constantly evolving and innovating, and we are extremely impressed by M3 Payments technology and product suite, providing seamless international money transfers at the touch of a button. This acquisition is the first of many in the FinTech space, which we believe presents a huge opportunity for our business.”

VeUP provides bespoke services to Independent Software Vendors (ISVs) working in the Amazon Web Services (AWS) ecosystem. Led by a senior team of AWS experts, the company provides tailored consultancy to ambitious businesses looking for growth.