The Munich-based fintech givve has been sold to the French Up group for a whopping €20 million. The sale provides the company, founded in 2010, with significantly greater development opportunities in the financial services sector. As a technological market leader, the startup has generated enormous value growth and acquired renowned customers since 2016.
givve already has more than 250,000 users in Germany
give is already established in the employee retention market in Germany: More than 6,000 corporate customers use givve cards. These function like a prepaid card that employers can use to reward their employees and also enjoy tax benefits for non-cash benefits. There are already more than 250,000 card users in Germany.
The Up group offers, among other things, loyalty programs, incentives, and payment solutions. It employs more than 3,400 people. The parent company is a cooperative.
Possible applications are becoming more diverse
The integration into the Up group offers givve, above all, greater development opportunities. The technology developed by the Munich-based company includes, among other things, automated payment auction matching processes that save staff resources in payment processing. Furthermore, these processes are continuously being improved through machine learning.
Until now, the technology has only been used in the area of employee retention. At Up Group, the company offers a much broader range of services, opening up a wider range of applications.
The acquisition, which Up Group paid a whopping €20 million, will not change anything for givve customers for the time being. The brand will also remain in place until further notice. The integration process will begin in September 2018. Potential synergy effects from which customers can benefit will be examined.
“We couldn’t imagine a better strategic investor”
Catherine Coupet, President and CEO of Up group:
"We have been active in Germany since 2012. Now, with the acquisition of givve, we are pleased to expand our services and solutions in the areas of employee retention and corporate performance. This is also in line with our strategic direction."
Alexander Klaiber, Co-Founder and CTO of givve:
"The Up group has recognized the potential of our technology. It's already very powerful, but it can do much more in the financial services sector. By becoming part of such a large company, we can finally take our solution to the next level."
Patrick Löffler, Co-Founder and CEO of the Munich-based company:
"We couldn't imagine a better strategic investor than the Up group. Not only do they understand our business area very well, they are also active in far more business areas than we are. givve will benefit greatly from this extensive network and the expertise it provides."
