In 2006, Warburg Pincus invested in easycash, one of Germany’s largest payment acceptance and merchant acquiring companies, which was founded following a carve-out of easycash from its parent, First Data Corporation. Warburg Pincus’ investment thesis was that Germany was one of the most promising payment markets in Europe in terms of growth potential, and easycash would benefit from both internal and external growth in the country. easycash was the first non-bank to be granted full payment acceptance and acquiring licenses in Europe. Warburg Pincus helped easycash consolidate Germany’s fragmented payment landscape with six acquisitions in three years, including both Worldpay and Experian’s German payment businesses. easycash invested heavily in its own payment platform and product offering, doubling the company’s revenues and headcount during Warburg Pincus’ ownership. In 2009, Warburg Pincus and management sold easycash to Ingenico.
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