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 crucial 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.