All of CR2's technology and assets, including its flagship BankWorld platform, are included in the acquisition.

BankWorld was established in 2000 and presently serves more than 90 institutions globally. The platform offers a range of digital banking, digital wallet, and payment features. Through a partner ecosystem, it also grants users access to third-party fintech services.

The company says the combination represents "an important strategic milestone" in its international growth plan. HPS, a provider of payment software, plans to integrate the digital banking capabilities of its most recent acquisition with the card management and payment processing capabilities found in its PowerCard suite.

The company's PowerCard suite was developed to assist banks and other financial institutions in handling the issuance, acquisition, and processing of cards more effectively.

The acquisition of CR2, according to HPS, will "strengthen its value proposition" and "help existing and new customers address their increasingly complex challenges." This acquisition comes after earlier agreements to purchase payment processor ICPS in Mauritius in 2021 and Moroccan payment infrastructure company IPRC in Morocco.

The "differentiated" feature set of CR2 "is a strong fit for HPS and adds significant depth and breadth to our platform," according to Abdeslam Alaoui Smaili, co-founder and CEO of HPS.

The deal is expected to finalize "in the coming months," subject to typical regulatory requirements.