The Utrecht payment company Buckaroo opens its first foreign branch in Brussels on Wednesday. Buckaroo wants to grow further in the coming months and is looking for acquisitions abroad.
The first foreign branch is a step in the growth strategy for the company, says CEO Paul Scholten. Turnover and profit development at the payment service provider established in 2005, the early days of online payment, remained fairly flat until last year. That is while other fintech companies like Adyen and Mollie have grown into billions of operations in the meantime.
In 2018, the last year for which a profit and loss account is to be found, the company achieved more than €9 million in revenue, with a net profit of seven tons and 60 employees serving more than 3,000 customers. These are mainly in the Netherlands. In Belgium, Buckaroo serves seven hundred customers through its partnership with fintech company POM.
In 2020, after a strategic review and a little help from the coronapandemic, a significant turnover growth of 45% was achieved and Buckaroo, which now employs 75 employees, was commissioned by his investor Blackfin to expand.
Therefore, at the end of last year, payment company Sisow was taken over. “This is aimed at smaller companies than the medium to large customers we focus on, but fits us well because we are active in the same industries,” says Scholten, who says that his shareholder is not allowed to operate in high-risk sectors such as pornography and gambling.
The establishment in Belgium that should drive growth in our southern neighbours is another milestone, but according to Scholten it is only a step in Buckaroo‘s growth strategy. “In 2020, we showed that we can grow and our shareholder thinks there will be a consolidation in the Dutch and European payment markets. We want to play a role in this, and we look at companies that we can take over. We also actively look at companies outside the Netherlands, such as in markets like France and Germany. For now, we’re a hunter on that market, and not prey. What happens in the longer term, time must show.”