Digital payments provider Fat Zebra has snapped up Perth-based Pin Payments in its second major acquisition of 2024, following its acquisition earlier this year of the open banking technology platform Adatree. The deal terms have not been disclosed but will bring Pin Payments back under predominantly Australian ownership.
Pin Payments was acquired in 2020 by Checkout.com based in the UK, but it goes back to the Australian market with this buyout. Founded by Grant Bissett and Dominic Pym, the company since then has expanded its customer base by 1,000 now reaching 13,000 businesses across Australia and New Zealand.
Headquartered in Sydney, Fat Zebra is owned by NASDAQ-listed financial technology giant Fiserv. However, much of its ownership remains within Australia, primarily held by domestic investors, including Adrian MacKenzie and Srdjan Dangubic’s Five V Fund. Fat Zebra services over 30,000 merchants, including major names like PayPal, Macquarie Bank, Zip, Aussie Broadband, and Sportsbet.
The integration of Pin Payments in the Fat Zebra portfolio will bring a lot of improvement in what the latter can offer. Pin Payments is highly acclaimed for its secure, easy-to-use payment solutions that target small-to-medium businesses (SMBs) and platforms, which can now receive payments from major debit and credit card networks without requiring a merchant account. It aligns well with Fat Zebra’s existing services in expanding its capability to offer the latest payment methods to merchants and platforms.
Fat Zebra CEO, Pred Dragila, said the two businesses complement each other well in their strengths, and through the acquisition, innovation in Australia and New Zealand’s business payment solutions will be delivered. “This acquisition positions us to deliver exceptional service and ensure our customers benefit from the most innovative solutions in an increasingly digital economy,” Dragila said. Dragila added that the deal ensures Fat Zebra’s commitment to becoming the leading homegrown provider of digital payments solutions.
Pin Payments’ CEO, Chris Dahl, is joining the management team at Fat Zebra. Over a decade since he joined Pin Payments, Dahl has seen the company grow and guided it in this process. He was formerly associated with Nitro, a PDF editor and e-signature company.
