UTP Group set to acquire Wellet’s Spanish business
UTP Group, which operates newly launched UK app Tapeeno, has agreed to acquire German fintech Wellet’s Spanish business for an undisclosed sum.
UTP Group acquires Wellet’s Spanish business
Launched in Germany and Spain in April 2021, Wellet is a card payment app that uses similar technology to Tapeeno, an app that turns any Android phone into a card reader which can process transactions within one hour.
Following the acquisition, Wellet’s customers in Spain will be moved to Tapeeno over the coming weeks.
“The acquisition of Wellet’s Spanish customer portfolio allows us to accelerate our expansion in the region,” says Michael Ault, CEO of UTP Group.
Ault adds that Tapeeno and Wellet’s technology and target market align, making the acquisition a “natural choice” for the group.
Wellet’s customers in Spain will be able to leverage Tapeeno’s Faster Processing technology, allowing them to receive funds in their accounts “within one hour of taking payment” and therefore “significantly reducing funding delays by days”.
