The acquisition will bring Rapyd's comprehensive digital payments technology to existing Valitor's merchants and consumers across Europe; accelerate Rapyd's European expansion
HAFNARFJÖRÐUR, Iceland and LONDON, July 1, 2021 /PRNewswire/ -- Rapyd, a global Fintech as a Service company, has entered today into a definitive agreement with Arion Banki (Arion Bank) to acquire Valitor, an Icelandic payments solutions company. The deal size is $100 million and subject to regulatory approval.
Valitor is a well-established payments brand and considered one of Europe's payments leaders, providing both in-store and online payments acceptance solutions as well as card issuing to SMB merchants in Iceland, the U.K. and Ireland, and across Europe. The acquisition of Valitor will complement Rapyd's existing payment capabilities throughout Europe, as well as enhance its issuing portfolio.
Following Rapyd's recent financing round, the company is actively pursuing acquisition opportunities, targeting strong payments companies and enhancing their capabilities by connecting them to the Rapyd Global Payments Network. With its strong European presence, the acquisition of Valitor will empower customers from any industry to streamline integration of omni-channel payments, expand into new markets, flatten FX fees, unlocking revenue and growth potential that would otherwise be inaccessible to them.
"Businesses are looking beyond their borders to scale up and expand their customer base, and they need the right payment providers that can make it happen quickly. With the acquisition of Valitor, customers across Europe will now have access to a greater and more diverse set of payment offerings, ensuring that more companies can take advantage of any opportunity they wish to pursue," said Arik Shtilman, Rapyd co-founder and CEO. "Iceland has long distinguished itself as a cashless nation and an innovation hub, with extraordinary levels of talent and a developed payments ecosystem. We plan to continue to grow and invest in Iceland, making it our European Hub, and will support local merchants while increasing our reach across Europe so that we can provide payment solutions to any business committed to pursuing global success."
Benedikt Gislason, Arion Bank's CEO commented on the announced transaction: "It has been our long-stated intention to find a new and more appropriate home for Valitor. In Rapyd, we have found exactly that. A highly strategic partner, at the forefront of technological innovation and with complementary strengths to those of Valitor. I would like to thank our Valitor colleagues for their co-operation and wish them best of luck on their new adventures as part of the Rapyd Group."
"Today's announcement marks a landmark moment in Valitor's long history. This is a game-changing transaction for the Icelandic payments market. The Valitor management team is excited about the future prospects and very much look forward to closely working with Arik and the broader Rapyd team on the integration of the two businesses", added Herdís Fjeldsted, Valitor's CEO.
Rapyd's comprehensive cloud-based technology allows fast and easy integration of payments and fintech services into any web or mobile application and simplifies the complexity of offering local payment methods while managing diverse compliance and regulatory requirements. By leveraging Rapyd's Collect, Disburse, Wallet, and Issuing capabilities, Valitor businesses and merchants can expand into a broad set of new use cases and services, quickly enter new markets thanks to a ready-made payments infrastructure that fits their needs.
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Rapyd is the fastest way to power local payments anywhere in the world, enabling companies across the globe to access markets quicker than ever before. By utilizing Rapyd's unparalleled payments network and Fintech-as-a-Service platform, businesses and consumers can engage in local and cross-border transactions in any market. The Rapyd platform is unifying fragmented payment systems worldwide by bringing together 900-plus payment methods in over 100 countries. Rapyd's investors include Stripe, General Catalyst, Oak HC/FT, Tiger Global, Durable Capital, Target Global, and Tal Capital. To learn more about the company that is accelerating the Fintech-as-a-Service revolution, visit www.rapyd.net, read our blog, or follow us on LinkedIn and Twitter.
About Arion Bank
Arion Bank provides services to households, corporates and investors and strives to meet the needs of customers requiring a diverse range of financial services. The Bank has three business segments: Retail Banking, Corporate & Investment Banking, and Markets. The service offering is further augmented by the subsidiaries Stefnir and Vörður. Stefnir is one of the largest fund management companies in Iceland, and Vörður is the fastest growing insurance company in Iceland, providing non-life and life insurance. For more information, please visit www.arionbanki.is.
Founded in 1983, Valitor is an international payment solutions company dedicated to helping merchants, partners and consumers make buying and selling easy. For more information, please visit www.valitor.is.