Polcard (now First Data SA) is the largest Polish acquirer of payment cards, offering card processing products and card outsourcing solutions. Innova (with GTECH) acquired Polcard in May 2003. Within one year Polcard acquired BillBird, a pre-paid and bill-processing operator, owner of “MojeRachunki” internet platform. In 2006 Polcard launched Cashback- a new service, which enabled cash payouts in shopping centers.

During the holding period Innova increased margins and revenues of its debit / credit processor and brought in a new management team. This resulted in 4.3x c-o-c return in 2007, when Polcard became part of First Data SA. In 2008 Innova was awarded “CE Large Deal of the Year” by Unquote Magazine for this transaction.


Basic facts
  • Fund: Innova/98, Innova/3
  • Entry: May 2003
  • Exit: Sep 2005/ Aug 2007
  • Stake: 36%
  • Invested: EUR 20.2m
  • Innova Return: 4.3x cash on cash
  • Sector: Financial
  • Location: Poland
  • Innova Contact: Krzysztof Kulig
Innova Contribution
  • Innova restructured business which drove Polcard’s margins and revenues to increase
  • New management team was put in place
  • Polcard became #1 processor in CEE’s leading market
  • Company transformation from “cost-center” to independent service provider