Worldpay is an American multinational
financial technology
Financial technology (abbreviated as fintech) refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, ...
company and
payment processing company. Worldpay provides payment and technology services to merchants and financial institutions globally generating 40 billion transactions across 146 countries and 135 currencies.
With $4.9 billion in revenue as of 2023, Worldpay ranks as one of the largest non-bank merchant acquirers in the world processing $2.2 trillion in transactions annually. With 8,500 employees, the company is headquartered in
Cincinnati, Ohio
Cincinnati ( ; colloquially nicknamed Cincy) is a city in Hamilton County, Ohio, United States, and its county seat. Settled in 1788, the city is located on the northern side of the confluence of the Licking River (Kentucky), Licking and Ohio Ri ...
with its international headquarters in
London
London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...
and 40 offices across 25 countries. As of February 2024, Worldpay is co-owned by
GTCR
GTCR LLC is a Chicago, Illinois-based private equity firm focused on leveraged buyout, leveraged recapitalization, growth capital and rollup transactions. The firm principally invests in high-growth industries, including financial services & te ...
with a majority ownership interest of 55% and
FIS retaining a 45% ownership interest.
Worldpay's merchant base includes customers in vertical markets including retail, restaurant, government, e-commerce, supermarket, drug store, business to business and consumer services. Its financial institution base includes a range of financial institutions, including regional banks, community banks, credit unions and regional personal identification number (PIN) debit networks.
History
In 1971,
Fifth Third Bank
Fifth Third Bancorp is a bank holding company headquartered in Cincinnati, Ohio. It is the parent company of Fifth Third Bank (5/3 Bank), which operates 1,100 branches and 2,400 automated teller machines, which are located in 11 states: Oh ...
formed Midwest Payment Systems (MPS) to provide Electronic Funds Transfer (EFT) services to financial institutions. In 1977, Jeanie, the nation's first shared online ATM network was developed and implemented. In 1991, MPS expanded to offer Merchant Services. In 2000, MPS acquired Integrated Delivery Technologies, Inc. (IDTI), Cartel Network and ACI Merchant Services.
In 2003, Midwest Payment Systems adopted the name Fifth Third Processing Solutions. In 2006, the company acquired Card Management Corporation (CMC) to provide a broader range of processing services. Several years later, in 2009, Fifth Third Processing Solutions spun off from Fifth Third Bancorp and was launched as a joint venture between Advent International and Fifth Third Bank, a subsidiary of Fifth Third Bancorp.
By the end of 2010, the company had acquired TNB Card Services, National Processing Company (NPC) and certain assets of Springbok Services, Inc. Prepaid Platform. In June 2011, Fifth Third Processing Solutions assumed the Vantiv name.
The company adopted the name "Vantiv" in June 2011 as a step towards becoming a public company. Previously a joint venture between
Advent International
Advent International Corporation is an American global private equity firm. It is focused on buyouts of companies in Western and Central Europe, North America, Latin America and Asia. The firm focuses on international buyouts, growth and strat ...
and
Fifth Third Bancorp
Fifth Third Bancorp is a bank holding company headquartered in Cincinnati, Ohio. It is the parent company of Fifth Third Bank (5/3 Bank), which operates 1,100 branches and 2,400 automated teller machines, which are located in 11 states: Oh ...
, Vantiv became a publicly traded company on March 22, 2012, listed on the
NYSE
The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...
under the ticker symbol "VNTV".
In December 2012, Vantiv acquired privately held Litle & Co. for $361 million. Litle develops e-commerce payment processing solutions that are used by companies that accept payments for goods and services online, via phone, and via mail. Vantiv said it would integrate Litle's technologies into its point-of-sale and e-commerce processing offerings.
In April 2013, Vantiv became the first U.S. acquirer to complete MasterCard's testing requirements to process
EMV
EMV is a payment method based on a technical standard for smart card, smart payment cards and for payment terminals and automated teller machines which can accept them. EMV stands for "Europay International, Europay, Mastercard, and Visa Inc., ...
transactions for
MasterCard,
Maestro
Maestro (; from the Italian '' maestro'' , meaning " master" or "teacher," plural: maestros or maestri) is an honorific title of respect, sometimes abbreviated Mo. The term is most commonly used in the context of Western classical music and oper ...
and
Cirrus brands at both ATM and at the
point-of-sale locations.
In July 2013, Vantiv announced an agreement to acquire privately held Element Payment Services. Element is a provider of fully integrated PCI DSS compliant payment processing solutions for merchants and business management software providers.
On May 12, 2014, Vantiv confirmed a $1.65 billion acquisition of Mercury Payment Systems LLC.
In November 2016, Vantiv acquired the US operations of Canadian payment processor
Moneris Solutions
Moneris (formerly "Moneris Solutions") is a Canadian financial technology company that specializes in payment processing.
Moneris was established in December 2000, as a joint venture between the Royal Bank of Canada and Bank of Montreal. The ...
.
In July 2017, the company announced its intention to acquire British-based
Worldpay for $10.4 billion. Subsequent announcements have indicated that the combined entity will be named "Worldpay Inc." headquartered and listed in the United States, but internal operations will be based in the U.K. The transaction was completed on 16 January 2018 and changed its name to Worldpay, Inc. on January 16, 2018.
On July 1, 2018, Worldpay Inc. acquired Pazien, a US payments data platform startup that Worldpay Group plc first invested in on May 14, 2014.
In March 2019,
Fidelity National Information Services, Inc. (FIS), announced a $43 billion deal to buy Worldpay, reported as the biggest deal ever in the international payments sector. The acquisition closed in June 2019 and Worldpay was merged into FIS.
In November 2020, WorldPay expands into Argentina by securing domestic card scheme acquiring licenses in Argentina.
In February 2023, in the wake of pressure from
activist investor
Shareholder activism is a form of activism in which shareholders use Equity (finance), equity stakes in a corporation to put pressure on its management. A fairly small stake (less than 10% of outstanding shares) may be enough to launch a successfu ...
s, FIS announced it would spin off its merchant business that consisted of Worldpay in the next 12 months. In July, private equity firm
GTCR
GTCR LLC is a Chicago, Illinois-based private equity firm focused on leveraged buyout, leveraged recapitalization, growth capital and rollup transactions. The firm principally invests in high-growth industries, including financial services & te ...
agreed to acquire a 55percent stake in WorldPay from FIS for $11.7billion, valuing WorldPay at $18.5billion.
In February 2024, Worldpay was separated from
Fidelity National Information Services (FIS) to become an independent company once again. Today it is co-owned by GTCR (55%) and FIS (44%).
Solutions
Worldpay's portfolio includes solutions to help customers make, take, and manage payments. These solutions are tailored for various platform, business owner, and enterprise needs.
In May 2024 Worldpay released a tap to pay feature on
iPhone
The iPhone is a line of smartphones developed and marketed by Apple that run iOS, the company's own mobile operating system. The first-generation iPhone was announced by then–Apple CEO and co-founder Steve Jobs on January 9, 2007, at ...
enabling merchants to securely accept contactless payments including contactless credit and debit cards, Apple Pay and other digital wallets.
Financial institution relationships
Worldpay works with financial institutions to develop programs and tools to simplify payment strategies. The company's financial products include credit cards, ATM processing, merchant services, rewards and fraud prevention. Additionally, Worldpay assists financial institutions with pre-paid and gift cards, card personalization, debit PIN processing, cardholder eServices and more.
Worldpay provides payment strategies and technologies to over 1,400 financial institutions, including more than 700 credit unions throughout the U.S., supporting over 33 million debit cards and processing more than 15.7 billion transactions each year.
References
External links
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Companies formerly listed on the New York Stock Exchange
Financial services companies of the United States
Companies based in Cincinnati
Payment service providers
Merchant services
2012 initial public offerings
Financial technology companies
Financial services companies established in 1971
American companies established in 1971
2019 mergers and acquisitions
FIS (company)
American corporate subsidiaries