VTB, one of the leading Russian banks, is in the process of purchasing the PAYMO processing company, with the deal amounting to $13.7 million (1 billion rubles).

According to experts, the deal will be beneficial for VTB, since PAYMO offers a convenient platform for accepting payments. It will also allow VTB to update the processing center and attract new customers from the field of online sales in various fields.

VTB itself did not comment on the deal, but noted that they pay increased attention to the development of digital products and services. According to SPARK, the full owner of the company is Luxembourg-based PAYMO Investments SA. It cooperates with over 100 utility providers, conducting up to 30 thousand transactions daily.

Last year, VTB acquired software from the processing company OpenWay, to which a significant part of the bank's operations was eventually transferred. In addition, VTB owns holdings in the processing company MultiCarta.

Original (in Russian)