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

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<