Financial technology provider Net1 UEPS Technologies has agreed to acquire a 30% stake in Bank Frick, a family-run bank based in Liechtenstein, for an undisclosed sum.

Net1 will also have a two-year option to secure a further 35% stake in the Liechtenstein-based bank following completion of the deal, which is subject to regulatory approval.

Founded in 1998 by Kuno Frick Sr., Bank Frick is fully owned by the Kuno Frick Family Foundation. The bank holds acquiring licences from Visa and MasterCard and has a branch in London.

Bank Frick chairman of the board of directors Mario Frick said: “With the expansion of Net1's involvement, we will be able to strengthen our current business areas, drive forward our fintech strategy, develop new digital business models and enter new markets."

Net1 chairman and CEO Serge Belamant said: “The investment in Bank Frick cements a critical element for our international payment activities, especially in Europe.

“Our issuing, acquiring, working capital finance and money remittance products and services are completely reliant on having a stable, long-term and strategic relationship with a fully licensed bank and there is no better way to ensure alignment and longevity than by becoming a meaningful stakeholder in the bank.”

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Frick's 70 existing employees will be retained as part of the deal, and the headcount is expected to further rise in the future.