Rapyd to acquire Valitor payments company for $100 million

Karthik Subramanian

Rapyd, the UK-based ‘fintech as a service’ company, has announced that it would be acquiring the Valitor payments platform for $100 million from the Arion Bank.

Valitor is an Iceland-based company that is also into payments solutions and facilitates card processing services for its merchants across Iceland, UK, and Ireland. This comes close on the heels of the consolidation of the payments industry in the Nordic countries with Vipps, MobilePay, and Pivo combining their services to form a single payments platform. This shows some increasing competition in the payments industry in Europe as companies begin to realize that the industry is going to have a big boom in the coming years and they would need to prepare themselves for the competition from large players and investors as well.

This is the second acquisition of the company after it had Korta, another payment card services platform based out of Iceland, last year.

Arik Shtilman, Rapyd co-founder and CEO, says: “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.”

Rapyd had raised $300 million in Series D funding in January and it has been using these funds to look for strong payment companies in the region that it can acquire as it would help to consolidate the industry as it gets ready to take on the competition. The company believes that these acquisitions would help it to streamline the payments and other processes across the different channels which it can then use to reduce the FX fees and bring in other savings and help drive its growth across the different regions of Europe.

The payments industry has seen a lot of churn during recent months. Though the industry has been up and about for over a decade now, it hasn’t been able to capture the imagination of a lot of users who have been reluctant to jump to online payment systems and wallets as they continued to be engrossed with the offline methods. But the pandemic has changed all that and has forced users to depend on online wallets and systems even for basic payment needs. Users have also taken to it now and with the new generation of users preferring online to offline, the industry is set for a boom.

 

  • Read this next

    Fintech

    Nubank makes impressive turnaround, posting $1 billion profit in 2023

    Brazil’s Nubank has made a remarkable turnaround, swinging from a net loss in 2022 to a $1 billion net profit in 2023. The digital bank’s revenues have soared past $8 billion, marking a major milestone in its financial performance.

    Retail FX

    Spanish watchdog warns of UP MARKETS, BITBINX

    The Comision Nacional del Mercado de Valores (CNMV), the financial regulatory body of Spain, announced in a statement that it has added to its warning list new website that are illegally offering financial services to Spanish citizens.

    Digital Assets

    MicroStrategy buys 3,000 more bitcoins, suffers phishing attack

    MicroStrategy, the largest corporate investor in bitcoin, has expanded its cryptocurrency portfolio by buying an additional 3,000 bitcoins for $155 million.

    Crypto Insider

    Saudi Launches World’s First Cultural Metaverse

    The Saudi Ministry of Culture, droppGroup, and Oracle have joined forces to launch the Cultural Universe, the world’s first government-operated national Metaverse initiative.

    Retail FX

    eToro revives IPO plans after failed $10B SPAC merger

    Israeli social trading network eToro is actively exploring options for a public market listing, according to CEO Yoni Assia in an exclusive interview with CNBC.

    Digital Assets

    Meme Coin Communities Gear Up for the CoinMarketCap Crypto Awards

    CoinMarketCap’s Crypto Awards 2024, the first edition of a new annual event, is captivating the global crypto community. This is especially true for the Meme Coin Of The Year category, where voting has become a battleground for the most passionate and vibrant communities in the crypto space.

    Digital Assets

    Sui Recognized as 2024 Blockchain Solution of the Year at AIBC Eurasia Awards

    The Layer-1 Received the Top Honor at the Eurasia Awards While Experiencing a Period of Unprecedented Growth and Recognition

    Crypto Insider

    Vitalik Buterin, Sandeep Nailwal Lead Decentralized AGI Summit, Address Centralized AI Risks at ETHDenver

    Sentient and Symbolic Capital’s Decentralized AGI Summit will feature leading Decentralized AI authorities like Vitalik Buterin and Sandeep Nailwal.

    Digital Assets

    Aethir Unveils Its First Decentralized AI Node Sale

    Aethir, a leader in decentralized GPU cloud infrastructure, has announced its highly anticipated Node Sale.

    <