Investcorp Technology Partners (ITP) has acquired the business and assets of fintech company MIR Limited.

The company, which specialises in wearable, contactless payment technology, which integrates with an e-wallet and prepaid debit cards, was founded in 2016 and has one million registered users in the UK, Germany, Italy, Canada and the Netherlands.

“The acquisition marks the beginning of a fruitful partnership between Investcorp and the Business as we look to position it as a leader in the sector. We see many exciting opportunities ahead – both organic and inorganic – and are looking forward to working with Mr. Rosenthal to take the Business to the next stage in its development,” ITP said in a statement.

Current CEO Israel Rosenthal will continue in his post and the business will remain based in the Isle of Man-based business.

He said: “We are delighted by ITP’s acquisition of the Business. ITP bring a proven track record of investment success, expertise and global network in the payments and technology sectors which will help to realise the enormous growth potential for the Business and I look forward to working with the ITP team.”

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

imogen.lillywhite@refinitiv.com

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