A global Fintech as a Service (FaaS) provider has signed an agreement to sign a definitive agreement with Arion Banki (Arion Bank) to buy Valitor, the Icelandic company that provides payment solutions.
As stated in a press release released to Crowdfund Insider, the deal amount is $100 million and “subject to regulatory approval.”
The company is a well-known payment brand and is one of the top European payment providers that offers accepting payments in-store as well as online options, as well as credit card services to SMB merchants across Iceland and Ireland, the United Kingdom and Ireland, as well as across Europe.
Valitor’s acquisition Rapyd will expand its portfolio of issuers and expand its payment services across Europe.
Following Rapyd’s recent investment round, the company is now searching for opportunities to acquire, “targeting strong payments companies and enhancing their capabilities by connecting them to the Rapyd Global Payments Network,” the announcement stated.
With its strong European market share, Valitor’s acquisition of Valitor will be aimed at empowering customers from all sectors with the ability to “streamline integration of omni-channel payments, expand into new markets, flatten FX fees, unlocking revenue and growth opportunities otherwise inaccessible.”
Arik Shtilman Rapyd, founder and chief executive officer, said:
Businesses are seeking to expand beyond their borders in order to scale up and grow their customer base. And they require the right payment service providers to achieve this quickly. After Valitor’s acquisition, Valitor customers from across Europe will have access to a wider and more varied array of payment options, ensuring that more companies are able to benefit from every opportunity they want to explore.
” Iceland is well known for its cashless society and thriving payment ecosystem. We will continue to invest and grow in Iceland to make the country our European Hub. We will help local businesses while expanding our presence across Europe to offer payment solutions to all businesses that are committed to international success.
Benedikt Gislason, Arion Bank’s CEO, remarked:
It has been our long-standing goal to find a better and more suitable location for Valitor. In Rapyd, we’ve discovered exactly what we were looking for. Rapid Group.” A strategic partner at the top of the line in technology advancement and with strengths that complement the strengths of Valitor, I’d like to thank all of our Valitor team for the collaboration and wish them all the best of success in their new endeavours within Rapyd Group.” “Rapid Group.”
Herdis Fjeldsted, Valitor’s CEO, noted:
The extensive cloud-based technology of Rapyd allows for the rapid and easy integration of payment and other Fintech services into any website or mobile application while also reducing the cost of providing local payment solutions. These services are provided in a way that is legal.
Valitor merchants and businesses can “expand into a broad set of new use cases and services, quickly entering new markets thanks to a ready-made payments infrastructure that fits their needs” by utilising the Rapyd’s Collect, Disburse, Wallet, and Issuing capabilities.