Founded in 2014 and based in Italy, Mitobit supplies software solutions for payments, banking, insurance, and fintech sectors.
Officials from TAS, sad the deal will allow TAS to provide its customers with ‘complete, integrated solutions and services that enable them to compete in an increasingly dynamic payments market where innovative technology and industry experience are key differentiation factors’.
For Mitobit, the two companies’ combined expertise and experience places them in a ‘better’ position to deliver tailored products in an ‘ever-evolving’ industry.
The acquisition is the fourth for TAS Group since July 2022. In August 2023, it acquired Italian payments technology and business consulting firm Krisopea for an undisclosed sum, along with software solutions provider Astro IT, and e-money software and consultancy services vendor Nemos.
In June 2021, Italy-based Flywallet, a startup offering digital payments through wearable devices with biometric authentication, has signed a reserved investment agreement with Global Payment (part of TAS).
Global Payment is a subsidiary of TAS Group’s mother company TAS and has entered the capital of Flywallet with a minority stake. TAS Group is a multinational company, whose payment software solutions are adopted by commercial and central banks throughout Europe and beyond.
The partnership will help Flywalled to accelerate the go-to-market for its mobile wallet, a tokenised payment card on wearables with biometric authentication. The partnership will also result in a commercial agreement under which GP will distribute Flywallet’s wearables and service platform to TAS Group's business customers.
Flywallet’s flagship product is named Keyble, a type of wearable that adapts to the user’s lifestyle, created with eco-friendly materials and inspired by made-in-Italy styles. It consists of a smart device that can be inserted into fashion accessories such as bracelets or watch straps and is equipped with biometric sensors for user authentication and health monitoring.
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