PE in CEE - Dotcard
Country: Poland
Poland’s leading omni-channel PSP
COUNTRY | Poland | RETURN | 3.1x |
GP | MCI Capital | GROWTH | +145% payment volume |
INVESTMENT | EUR 20.2 million |
|
|
SECTOR | E-payment services | INVESTMENT TYPE | Buyout and growth |
INVESTMENT | March 2016 | FUND OWNERSHIP | 87% |
EXIT | January 2019 | EXIT ROUTE | Trade sale |
Investment rationale
As an active investor in the e-commerce sector, MCI sought opportunities in the growing online payment solutions market. MCI made parallel investments in two complementary Polish e-payment service providers: eCard, the 2nd largest online card acquirer serving large merchants, and Dotpay, the 3rd largest online payment service provider. The merged entity, Dotcard, became Poland’s first provider of omni-channel payment solutions.
Deal history and structure
MCI invested in publicly listed eCard and reached a 51% stake after a squeeze-out of minority investors, delisting and a capital increase. In parallel, MCI acquired Dotpay’s owner, Mobiltek Group. Dotpay was subsequently acquired by eCard to create the Dotcard merged entity. The above transactions included a EUR 17 million purchase of existing shares and a EUR 3.2 million capital increase by MCI plus bank leverage.
