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Most dynamically growing Polish payments company

Polskie ePłatności (PeP)
PE/VC investor
Innova Capital
Investment period



(in millions)





more active POS terminals


EBITDA growth

The payment services market in Poland experienced rapid growth and offered substantial catch-up potential compared to more developed markets. Innova closely monitored regulatory developments that enhanced market attractiveness, such as the introduction of limits on interchange fees, making card transactions more appealing to vendors. Additionally, the Polish government actively promoted electronic payments and subsidized POS terminals to reduce the gray economy.
Innova had a strong track record in the payment services sector with successful investments in Polcard and Provus. Leveraging its expertise and consolidation strategy, Innova entered into a proprietary deal situation by partnering with the original founders of PeP.

Building scale was crucia for the merchant acquiring business, so Innova implemented a buy-and-build strategy, which offered significant operating leverage. Potential acquisitions were identified during the due diligence process, resulting in seven successful M&A deals.

Operational efficiencies were aimed at increasing profitability and expanding the customer base. They started with introducing a robust corporate structure and appointing top-class management. Customer churn was reduced by over 50%, and investments in sales and lead generation resulted in a sales performance improvement of more than 100% (4x). The product portfolio was expanded to include a wider range of services, with a particular focus on expanding the omnichannel offering and diversifying payment solutions and distribution channels. Strategic acquisitions were made to secure access to the lucrative online market, leading to over 50% growth in online revenue. At the time of exit, PeP had established itself as the third-largest player in the market and the preferred target for any company planning to enter the Polish market.

Main objectives
of funding

  • Buliding scale through acquisitions
  • Expanding to online market
  • Broadening portfolio of services

What changed in the company after PE/VC investment

Building scale:

  • Merchant acquiring business offers significant operating leverage so buy & build strategy was vital to grow scale and profitability
  • Potential acquisitions identified already as part of the due diligence process
  • Robust add-on pipeline resulted in 7 M&A deals

Operational efficiencies:

  • Improved process efficiencies to increase profitability and expand customer base
  • Introduced robust corporate structure and top-class management
  • Reduced churn of existing customer base by >50%
  • Investment in sales and lead generation improved sales performance by more than 100% 4x

Product portfolio expansion:

  • Wider portfolio of services including expansion of omnichannel offering with broad set of payment solutions and distribution channels
  • Strategic acquisition to secure access to attractive online market, resulting in >50% online revenue growth

ESG related initiatives and accomplishments

  • Obtained Payment Institution license (via acquisition of Paylane)
  • Conducted regular employee satisfaction surveys
  • Introduced anti-mobbing procedure allowing all employees to report
  • Established internal audit team
  • Developed structured training cycles for key C-level management

PeP is the fastest growing payments company in Poland. Our aspiration is to be the provider of first choice for all payment solutions in our country.

Jarosław Mikos

the CEO of PeP