Payvision

About Payvision

Payvision BV was a Dutch payment service provider founded in 2002 by Rudolf Booker. The company operated as a global payments processor and card acquirer, providing a platform for online businesses to accept credit card payments and manage transactions across various currencies and methods. Its business model centered on connecting payment service providers, their global merchants, and acquiring banks to a single global acquiring platform. This platform was designed to handle cross-border e-commerce transactions, offering merchants a PCI-DSS compliant solution with risk management and reporting interfaces. Payvision facilitated over 80 payment methods, including major cards like Visa and Mastercard, as well as regional options such as iDEAL and Alipay, across more than 150 currencies.

The company was established in Amsterdam by Rudolf Booker, who served as CEO, and he was later joined by Gijs op de Weegh as COO. Booker, an entrepreneur with a background in his family's real estate and investment business, identified an opportunity to bring a more integrated payment processing model, similar to what existed in the US, to the fragmented European market. The company grew without venture capital funding, focusing on profitability to survive.

A significant milestone occurred in March 2018 when ING Groep NV acquired a 75% stake in Payvision for approximately €270 million, valuing the company at €360 million. This acquisition was part of ING's strategy to bolster its presence in the e-commerce and omnichannel payments market. The founding management team, including Booker, initially retained a 25% stake and continued to lead the company. ING later acquired the remaining shares.

However, Payvision became embroiled in controversy following the acquisition. It was alleged to have processed payments for fraudulent investment schemes and high-risk clients in sectors like pornography and gambling. These activities reportedly predated the ING acquisition but drew significant negative attention, leading to the company being dubbed the "Wirecard of the Netherlands." Investigations were launched into alleged violations of anti-money laundering regulations. In response to the growing controversy and risk profile, ING sold parts of Payvision's portfolio, specifically those related to gambling and adult content, in 2020. Ultimately, in October 2021, ING announced it would phase out all of Payvision's services, concluding that it was not feasible to achieve its strategic ambitions with the subsidiary. The phase-out was completed by the second quarter of 2022, and by March 2023, the company's website was defunct.