Gallant Capital Partners has acquired Parisian fintech Fime and payments testing firm UL Solutions. The firm has detailed its ambition to create a global leader in payments, smart mobility and digital ID.
The combination of Fime and UL’s capabilities under Gallant’s leadership will merge the duo’s offerings in the aforementioned areas of payments, smart mobility and digital ID under one offering. Gallant also believes that the takeover will significantly expand Fime’s geographical reach.
Fime has also built up an extensive international presence both in its home market and further afield. In France, the company is partnered with the Groupement des Cartes Bancaires (CB) interbank network, whilst its overseas operations have seen several partnerships in the Indian subcontinent.
Under Gallant’s ownership, the company aims to offer its payments and ID services across Europe, Africa, North and South America and Asia, with the Middle East and India specifically highlighted by the company.
Lionel Grosclaude, CEO at Fime, said: “The convergence of payments, smart mobility and identity is reshaping our connected world. The unique and comprehensive set of consultants and experts at the combined company further cements Fime as a global leader.
“Possible through the partnership with Gallant that enabled the combination, Fime has expanded its capabilities in business and technical consultancy. This broadened product and service portfolio will allow the company to guide any project from ideation and implementation, through testing and ultimately to a successful launch.”
Target segments for Fime include some of the biggest talking points in global payments. The firm states that it aims to offer testing and agility to respond to trends such as Open Banking and open payments, instant payments, Central Bank Digital Currencies (CBDCs) and digital identity.
Some of these areas have become increasingly targeted by some of the world’s biggest financial stakeholders as well as governments and regulators. Open Banking, for example, is being chased by the likes of the UK, US and Australia.
Meanwhile, EU policymakers are evaluating digital ID developments and various national and international authorities are examining CBDCs. On the latter, the Bank of England, Reserve Bank of New Zealand and European Central Bank have all spoken openly on the potential for a digital pound, NZ dollar and euro, respectively.
“Fime has extensive experience in enabling the creation and adoption of innovative products and solutions,” remarked Jon Gimbel, Partner at Gallant.
“By combining these businesses, Fime will unlock new opportunities across a broad set of markets. We are excited to partner with Lionel and the Fime team to drive the Company’s accelerated growth during this next stage.”
