Pay Planet
- Founded
- 1985-01-01 in Galway, Ireland
- Headquarters
- London, United Kingdom
Planet is a global financial technology company that provides integrated payments, currency conversion, and tax‑free shopping solutions to more than 550,000 merchants and 100 partner banks across 60+ markets on five continents. Founded in 1985 as Cashback Ltd. in Galway, Ireland, the company began by facilitating VAT refunds for international visitors and has since expanded through organic growth and strategic acquisitions, including the 2017 purchase of Planet Payment. Today, Planet’s unified platform supports online, in‑person, and omnichannel payments, dynamic currency conversion, gift card programmes, and hospitality software such as protel hotelsoftware. Headquartered in London with over 2,500 employees, the company is privately held by Advent International and Eurazeo. In 2025, new CEO Eric Heurtaux was appointed to lead the next phase of growth as Planet aims to become a leading integrated payments and software partner for retail, hospitality, and financial sectors.
Detailed Review
History & Evolution
Planet traces its origins to 1985 when Cashback Ltd. was founded in Galway, Ireland, to help tourists reclaim VAT on purchases under EU legislation. The business expanded across Europe during the 1990s and launched dynamic currency conversion in 2000. In 2012, entrepreneur Gerard Barry sold the then‑Fintrax group to private equity firm Exponent for €170 million. A merger with Tax Free Worldwide in 2013 built a network of over 150,000 merchants. In 2015, Eurazeo acquired a majority stake, valuing the company at €550 million.
The most transformative year was 2017, when Fintrax acquired Planet Payment – a US‑based multi‑currency processing pioneer founded by Philip Beck in 1999 – for $250 million. This added a cloud‑based payment platform, the “Pay in Your Currency” and “Shop in Your Currency” services, and the iPay e‑commerce gateway. The combined entity rebranded as Planet in 2018. In 2021, Advent International joined Eurazeo as co‑controller, and a wave of acquisitions in 2022 broadened Planet’s reach into hospitality, parking, and e‑commerce.
Business Model & Products
Planet generates revenue primarily through transaction fees on payment processing, dynamic currency conversion fees, and tax‑free shopping commissions. Its platform unifies online and in‑store payments, omnichannel integration, and software for hotels (protel), parking (Hoist Group), and short‑term rentals (Avantio). Key products include the iPay gateway (from Planet Payment), which supports e‑commerce and call‑centre transactions, and gift card solutions for retailers and hospitality operators. Dynamic currency conversion (DCC) allows international shoppers to see prices in their home currency, increasing conversion for merchants.
Market Position & Competition
Planet competes with global payment processors such as Worldpay, Adyen, and Stripe, as well as tax‑free specialists like Global Blue and Planet itself in that niche. Its integrated offering across payments, currency conversion, and tax‑free shopping, combined with deep hospitality vertical software, differentiates it from pure‑play payment companies. The company’s private‑equity ownership and strong merchant base (550,000+) suggest a solid market position, though exact financials are not publicly disclosed.
Recent Developments & Leadership
In January 2025, Planet appointed Eric Heurtaux as CEO, succeeding Brent Warrington. In February 2025, two key leadership appointments were announced: Ulric Delamare as CFO (formerly CFO at Cooper Consumer Health and Bambora) and Morgan Hammersley as CTO (formerly EVP & CTO of Merchant Acquiring at Global Payments). These moves signal an emphasis on strengthening the executive team to drive further growth and integration of its acquired assets. The company continues to target retail, hospitality, food & beverage, parking, and financial sectors globally.
Key Products
Omnichannel Payments
Accept payments online, in-person, in-app, and via payment links; supports 135+ currencies, dynamic currency conversion, Apple Pay, Google Pay, Alipay.
Property Management Software
Cloud-based PMS for hotels and hospitality, covering reservations, check-in/out, housekeeping, billing, and integration with the wider hospitality ecosystem.
Token Vault
Collect and tokenize sensitive payment data; securely share tokens across multiple processors for recurring billing or omnichannel use.
Tax Free (VAT Refund)
Tax-free shopping services for international travellers; manage form issuance and refunds at point of sale.
Gift Card Solutions
Create, manage, and accept custom gift cards, integrated with POS and eCommerce systems.
Dynamic Currency Conversion (DCC)
Allow international customers to pay in their home currency at the point of sale, increasing transparency and conversion.
Online Payments
Secure payment acceptance via API integration, payment links, with PCI Level 1 compliance and advanced fraud protection.
In-Person / POS Payments
In-store and mobile payment acceptance supporting cards, Apple Pay, Google Pay, Alipay, and offline processing.
Omnichannel Integration
Unifies payments across all sales channels for seamless customer experience and simplified reconciliation.
Tax Free Shopping (VAT Refund)
Historically the core product, allowing non‑EU visitors to reclaim VAT on exported goods.
protel Hotel Software
A leading property management system for hotels, acquired from protel hotelsoftware in 2022.
iPay Gateway
An e‑commerce payment gateway (from the Planet Payment legacy) supporting call centre, mail order, and telephone order merchants.
In-App Payments
Tokenised, scalable payment flows for mobile applications.
Offices & Headcount
2500 employees (approx.)
Key Persons
Morgan HammersleyChief Technology Officer (CTO)