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TCS Group ups stake in online payment solutions provider

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TCS Group ups stake in online payment solutions provider

JSC Tinkoff Bank's holding company, TCS Group Holding PLC, has acquired a further 35% stake in online payment solutions developer Cloud Payments International LLC.

Upon deal completion, the acquisition will take the group's stake in the company to 90% from 55%. TCS Group initially acquired a 55% stake in CloudPayments in October 2017.

TCS Group said the move will ensure synergies in terms of business growth and strengthen CloudPayments' technological platform, noting that the Latvia-headquartered company will remain a separate brand and that there will be no significant personnel or operational changes as part of the deal.