Elavon Acquires UK Payment Gateway Sage Pay for $300 Million

On November 18, 2019, Elavon, the payment processing subsidiary of US Bancorp, announced the acquisition of Sage Pay, a prominent UK and Ireland-based payment gateway, for approximately $300 million (£232 million). Sage Pay was a competitor to major embedded payments providers including Stripe, PayPal, and Adyen. The acquisition allowed Sage Group to divest its payments infrastructure and refocus on its core SaaS business while establishing a partnership arrangement with Elavon for continued payments and banking integration.

For Elavon and US Bancorp, the deal expanded their European payment processing footprint significantly. The transaction reflected broader payments industry consolidation as banks sought to acquire fintech-adjacent gateway capabilities. Sage Pay's merchant base in the UK and Ireland provided Elavon with an established embedded payments distribution channel.