Fintech

Payments firm Planet pays €5m for Fexco’s Irish tax-free business

Galway-based fintech, valued at €1.8bn, buys Horizon Tax-Free Services

Planet is one of the world’s biggest players in processing tourist Vat refunds

Planet, the Galway-based payments company valued at €1.8 billion two years ago following a buyout, has acquired Fexco’s Irish tax-free business.

Terms of the deal have not been disclosed, but informed sources said Planet paid around €5 million for Horizon Tax-Free Services.

The acquisition comes as Planet recently received a €35 million cash injection from its parent as it looks to grow market share further.

Founded in Galway in 1985 by Aidan Daly, Jim Ward ...