The Italian multinational utility has entered into an agreement to acquire a 55% stake in payment services company PayTipper.
The acquisition, now awaiting approval from the Bank of Italy, will enable Enel to develop and provide services in the financial sector.
The deal increases Enel’s contact points with its customers and will gain access to a network of approximately 5,000 PayTipper shops throughout Italy
Enel will integrate payment services offered by PayTipper with its existing offerings which are provided through Enel X Financial Services.
The objective is to reach private individuals who continue to carry out transactions at participating businesses and who together account for more than 60% of payments in Italy.
Francesco Venturini, Head of Enel X, said: “This agreement represents a further step forward in the growth strategy in the payment services market and gives us a widespread presence throughout Italy with access to PayTipper’s network of shops.
“Our goal is to offer people a complete range of financial solutions ranging from digital payment to the possibility of choosing the points of sale closest to their homes.”
Digital transformation and emerging utility business models are set for discussion at the European Utility Week and POWERGEN EUROPE conference. Click here to register to attend or more information about the event.
“Enel X’s entry into the corporate structure of our company opens up new growth scenarios for PayTipper that will enable us to expand the range of payment services we offer the public and businesses, in innovative and exclusive ways,” said Angelo Grampa, CEO of PayTipper. “The expertise and know-how in the field of payment services, which PayTipper has built up in recent years and which are recognised by the market, will contribute to making Enel X a leading player in this sector.”