Rapyd, a global fintech-as-a-service company, has entered into a definitive agreement with Arion Banki to acquire Valitor, an Icelandic payments solutions company, for US$100 million.

The acquisition of Valitor will complement Rapyd’s existing payment capabilities throughout Europe, as well as enhance its issuing portfolio.

Valitor provides 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.

Following Rapyd’s recent US$300 million 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.

Arik Shtilman, Rapyd’s Co-Founder and CEO said,

“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.

 

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.”

Herdís Fjeldsted, Valitor’s CEO said,

“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”,

Featured image: Arik Shtilman, Rapyd’s Co-Founder and CEO