LONDON (Alliance News) - Payments services company SafeCharge International Group PLC on Wednesday said it has signed a partnership deal with Germany's FinTech Group AG.
Under the deal, SafeCharge will work with FinTech's BIW Bank subsidiary on developing banking services including transaction services, mobile payments and debit cards. BIW will then be a partner bank to SafeCharge on the launch of its PAY.COM mobile wallet application in Germany.
As part of the deal, SafeCharge has invested around EUR10 million to take a 5% stake in FinTech.
"SafeCharge's portfolio of services and products will be enhanced by the strategic partnership with FinTech Group. Our investment in FinTech underscores the importance of the partnership to the group and our commitment to growth," said SafeCharge Chief Executive David Avgi.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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