London-based FaaS platform Rapyd to acquire Icelandic payment solutions company Valitor for £ 73million
In the latest development, Rapyd, a London-based FinTech as a Service company, agreed to acquire Valitor, an Icelandic payment solutions company, from Arion Banki (Arion Bank) for $ 100million (around £ 73million). sterling).
Valitor provides solutions for in-store and online payment acceptance and card issuance to SME merchants in Iceland, the UK and Ireland, and across Europe.
How does this acquisition benefit Rapyd?
The UK company plans to streamline the integration of omnichannel payments, expand into new markets, flatten foreign exchange fees, unlock revenue and growth potential that would otherwise be inaccessible to them.
By leveraging Rapyd’s collect, payout, wallet and issue capabilities, Valitor businesses and merchants can grow into a wide range of new use cases and services, quickly entering new markets.
In addition, Rapyd is actively pursuing acquisition opportunities, targeting strong payments companies following their $ 300million (around £ 218million) funding round in January.
Fintech as a service
Founded in 2016 by Arik Shtilman, Arkady Karpman and Omer Priel, Rapyd integrates fintech services into any application and simplifies the complexity of offering local payment methods.
In addition, the company unifies fragmented payment systems around the world by bringing together more than 900 payment methods in more than 100 countries.
£ 341m secured
So far, the company has raised $ 470million (around £ 341million) from Stripe, General Catalyst, Oak HC / FT, Tiger Global, Durable Capital, Target Global and Tal Capital.
“Businesses are looking beyond their borders to grow and expand their customer base, and they need the right payment providers who can get there quickly. With the acquisition of Valitor, customers across Europe will now have access to a larger and more diverse set of payment offerings, ensuring that more businesses can take advantage of any opportunity they wish to seize ”, said said Arik Shtilman, co-founder and CEO of Rapyd. . “Iceland has long distinguished itself as a cashless nation and center of innovation, with extraordinary levels of talent and a developed payments ecosystem. We plan to continue to grow and invest in Iceland, which will make it our European hub, and we will support local merchants while increasing our reach across Europe so that we can provide payment solutions to any business engaged in the pursuit of global success.
Benedikt Gislason, CEO of Arion Bank, commented on the announced transaction: “We have long intended to find more suitable new accommodation for Valitor. In Rapyd, we found exactly that. A highly strategic partner, at the forefront of technological innovation and with advantages that complement those of Valitor. I would like to thank our Valitor colleagues for their cooperation and wish them good luck in their new adventures within the Rapyd Group.
“Today’s announcement marks a turning point in Valitor’s long history. This is a game-changing transaction for the Icelandic payments market. The Valitor management team are excited about the future prospects and look forward to working closely with Arik and the Rapyd team as a whole on the integration of the two companies ”, added Herdís Fjeldsted, CEO of Valitor.