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The RFID and cashless payment technology company has acquired Yuflow as part of its expansion into important European markets
By Anna Grace on 05 Feb 2019
RFID technology company PlayPass has acquired the French cashless payment provider, Yuflow, as part of its global expansion programme.
The acquisition of Yuflow allows PlayPass to expand into key European markets. Yuflow has used NFC wristbands to process payments from more than two million visitors at over 200 events, including FrancoFolies de la Rochelle and Jazz à Vienne (7,000-daily cap.).
Yuflow will now operate as an independent subsidiary using PlayPass technology, and will retain its original name and identity. Yuflow’s co-founders, Martin Rigot-Muller and Jean-Alexandre Janoray, will remain in charge of the company.
Rigot-Muller comments: “PlayPass has the best understanding of event organisers’ needs and the most complete solution in the market. This development gives Yuflow an unparalleled advantage in our ambitions to lead the cashless events sector in France and Switzerland, as well as expanding our horizons as part of a fast-growing global player.”
“PlayPass has the best understanding of event organisers’ needs and the most complete solution in the market”
PlayPass, named Best Festival Technology Provider at the 2019 Festival Supplier Awards last week, supplies cashless payment technology to festivals including Lollapalooza Berlin and Santiago (80,000-cap.), Rock Werchter (88,000-cap.) and British Summer Time Hyde Park (65,000-cap.).
The company has expanded greatly since launching in 2012, working at over 600 events worldwide and processing more than €50 million in payments. PlayPass secured €1.9m in funding from Dutch venture-capital firm Newion Investments in August.
Chief executive David de Wever states that Yuflow has cultivated “strong commercial and operational footprints in France and Switzerland”, key markets in PlayPass’s global expansion programme.
Yuflow’s approach and position in the market “fits with our [PlayPass’s] strategy of combining organic growth with strategic acquisitions to become the market leader in the key live event markets over the next few years,” explains de Wever.
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