Financial technology platform, Rapyd recently announced that the company has entered into a definitive agreement with Arion Bank to acquire Iceland’s payments firm, Valitor.

The official press release states that the size of the deal is $100 million. Though, the mentioned acquisition is subject to regulatory approvals. Also, Rapyd mentioned that the company is planning to accelerate its European expansion with the acquisition of Valitor.

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Founded in 1983, Valitor is a global payment solutions provider. Currently, the company is facilitating merchants and partners to make the buying and selling process smooth. Further, the fintech firm is headquartered in Hafnarfjordur, Iceland.

Commenting on the latest announcement, Arik Shtilman, Co-Founder and CEO of Rapyd, said: “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.”

Additionally, Rapyd mentioned that after its recent financing round, the company is actively looking for different acquisition opportunities.

European Market

According to Rapyd, the key focus of the latest acquisition is the company’s European expansion. Rapyd aims to enhance its existing payment capabilities in the European region along with the expansion of its issuing portfolio. “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,” Herdís Fjeldsted, Valitor’s CEO, commented.

In June 2021, a Sweden-based financial technology firm, Klarna raised $639 million for global expansion. The funding round was led by SoftBank’s Vision Fund 2 with participation from Klarna’s existing investors, including Adit Ventures, Honeycomb Asset Management and WestCap Group.