Worldpay Group
| Company type | Public (until 16 January 2018) |
|---|---|
| Industry | Payment processing |
| Founded | 1997 |
| Founder | Nick Ogden |
| Fate | Acquired by Vantiv on 16 January 2018; later purchased by FIS in July 2019; majority stake acquired by GTCR in 2024 |
| Headquarters | United Kingdom |
Key people | Ron Kalifa (former CEO) |
| Products | Payment processing solutions, financing options for small businesses |
| Parent | FIS (until 2023), GTCR (majority owner since 2024) |
Worldpay Group plc (previously known as RBS WorldPay) operated as a payment processing firm. It was publicly traded on the London Stock Exchange until 16 January 2018, when Vantiv completed its acquisition. The merged entity adopted the name Worldpay, Inc., which was subsequently purchased by FIS in July 2019 for $43 billion. In 2024, private equity firm GTCR secured a controlling 55% ownership stake in WorldPay.
Origins
Founded in 1997, WorldPay originated as an online platform facilitating multi-currency payments. Nick Ogden, the founder, collaborated with National Westminster Bank to provide the financial backbone and teamed with Andrew Birch from Symbiant to create the payment gateway technology. Following Royal Bank of Scotland’s acquisition of National Westminster Bank, Worldpay was fully absorbed and merged with Streamline, an electronic payment solution introduced by Centre-file Ltd—a subsidiary of National Westminster Bank—in 1989.
Under RBS Ownership
The Streamline system was reintegrated into the bank in 1995 after Centre-file Ltd divested its trading name and payroll services to Ceridian. When NatWest was acquired by Royal Bank of Scotland Group (RBS) in 2002, the business was rebranded as RBS WorldPay, with Ron Kalifa appointed as CEO. RBS expanded WorldPay’s capabilities through acquisitions and mergers involving several payment firms such as Streamline, Streamline International, PaymentTrust, Bibit based in the Netherlands, RiskGuardian, and Lynk from the United States.
Separation from RBS
Following approval from the European Commission in 2009 regarding state aid to RBS, Worldpay was identified for divestiture. On 6 August 2010, ownership transferred to Advent International and Bain Capital for £2.025 billion, with Ron Kalifa continuing as CEO. Under this arrangement, RBS retained a 20% share, while Advent and Bain each held 40%. The transaction finalized on 1 December 2010.
By November 2013, RBS had sold its remaining stake to Advent and Bain. Worldpay subsequently launched an initial public offering (IPO) on the London Stock Exchange in October 2015. During this IPO, Advent and Bain realized a combined gain of £3.2 billion over five years by selling approximately £1.2 billion worth of shares while maintaining a £2.3 billion investment.
Acquisition by Vantiv
In July 2017, Vantiv declared its intention to acquire Worldpay for $10.4 billion. The new entity retained the "Worldpay" brand name, was headquartered and listed in the United States, yet maintained operations within the United Kingdom. The acquisition was completed on 16 January 2018.
Some politicians in the UK voiced concerns that the pound’s depreciation since 2016 made British companies more appealing to foreign investors, potentially influencing the deal. However, Worldpay’s vice-chair Ron Kalifa characterized the transaction as "a merger of equals," stressing that timing was coincidental rather than motivated by currency changes. Post-merger, the company was renamed Worldpay, Inc..
Purchase by FIS
In March 2019, Florida-based payment competitor Fidelity National Information Services (FIS) acquired Worldpay Inc. in a deal valued at £32 billion.
Divestiture from FIS
In February 2023, following pressure from activist shareholders, FIS revealed intentions to separate its merchant division, which includes Worldpay, within a year. Subsequently, in July, private equity firm GTCR agreed to purchase a 55 percent ownership in Worldpay from FIS for $11.7 billion, placing the company's valuation at $18.5 billion.
Acquisitions
On 21 December 2010, Worldpay's UK branch completed the acquisition of Cardsave, a prominent independent sales organisation specializing in credit and debit card processing services for small retail businesses.
In May 2011, Worldpay took over Envoy Services Limited, a supplier of alternative payment methods catering to eCommerce merchants globally.
By June 2013, Worldpay introduced Worldpay Zinc, a mobile card reader designed to connect with smartphones for payment processing.
In September 2013, the company expanded its US presence by acquiring payment processor Century Payments.
During 2014, Worldpay agreed to acquire SecureNet Payment Systems from Sterling Partners, a private equity firm, finalizing the deal in December. Following this acquisition, Worldpay committed $10 million towards relocating its US headquarters to Atlanta.
Operations
Worldpay offered payment processing solutions for mail order transactions, online retailers, and point of sale purchases. Its clientele encompassed multinational retailers operating across multiple channels, with a significant portion comprising small business merchants. Additionally, the company provided financing options to small enterprises.
In 2016, Worldpay launched its proprietary IT infrastructure capable of handling transaction volumes up to twenty times higher than before. This initiative was part of a broader strategy to completely disentangle Worldpay from the Royal Bank of Scotland's technology platforms.