Payments processing group First Data launches venture arm

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credit card paymentPayments processing group First Data Corp has launched a venture capital arm.

Head of First Data’s venture unit Peter Donat said the firm is actively looking to make investments and do more partnerships, according to Dow Jones.

Donat previously held executive positions at Visa and Mastercard.

Last October First Data’s backers including private equity giant KKR invested a further $300m in the company.

First Data, which was taken private in a $29.7bn deal in 2007, said it would repay part of its $2bn of 11.5 per cent senior payable-in-kind noted due 2016 and exchange the remainder for new 14.5 per cent notes due 2019.

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