Oliver Wyman acquires payments consultancy firm Innopay

09 February 2024 Consultancy.eu 2 min. read
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In its second deal this year, Oliver Wyman has acquired Innopay, a Netherlands-based consultancy firm specialised in digital transactions. 

Hot on the heels of picking up SeaTec Consulting in the US, bolstering its aviation and aerospace expertise, Oliver Wyman has now strengthened its payments capabilities in Europe with the bolt-on of Innopay.

Founded in 2002, Innopay delivers strategy, scheme development, and execution in the domain of digital payments, open finance, digital identity, and data sharing. The firm has 60 consultants across offices in Amsterdam and Frankfurt.

Oliver Wyman acquires payments consultancy firm Innopay

Innopay works mainly for financial services institutions, payment providers, and organisations that rely on digital transactions for running their processes, including governments, retailers, and logistics providers.

“The European payments landscape is undergoing significant transformation, driven by technological advancements, changing consumer preferences, and regulatory developments. Bringing Oliver Wyman and Innopay together creates a unique offering, which will accelerate the impact of our people and work as we look to unlock value through deep industry knowledge and collaboration,” said Stephen Whitehouse, partner at Oliver Wyman and head of its Payments practice in Europe.

Innopay will become a specialist consulting business within the Oliver Wyman group, maintaining its presence in Amsterdam and Frankfurt. Shikko Nijland, the long-time CEO of Innopay, will join Oliver Wyman as Senior Vice President and become part of the Payments practice leadership team.

Oliver Wyman has several businesses under its mantle, including subsidiaries such as NERA Economic Consulting (economics consulting) and Lipincott (design & innovation), as well as specialist businesses with its consulting division, such as Cavok (aviation) and Innopay (payments).

The $2.8 billion consulting firm is itself part of Marsh McLennan, a $20 billion professional services group headquartered in the United States.

“Oliver Wyman’s global network and expertise will reinforce our ability to provide market-leading and exciting new opportunities, helping clients navigate the evolving landscape of digital transactions and providing additional opportunities for our colleagues,” said Nijland.