Rapyd to acquire Valitor from Arion Bank for $100M

SaaS News -Rapyd-to-acquire-Valitor-from-Arion-Bank-for-$100M(source: SaaS Industry)
At a Glance

Rapyd, a Fintech-as-a-Service (FaaS) company, has agreed to buy Valitor, a payments technology company, for $100 million from Arion Bank. SMB traders in Iceland, the United Kingdom and Ireland, and throughout Europe use the Icelandic Valitor. Rapyd plans to minimize FX fees, simplify omnichannel payment integration, and expand into new areas, allowing it to tap into revenue and growth possibilities that might otherwise be unavailable.

Rapyd, a Fintech-as-a-Service (FaaS) company, has agreed to buy Valitor, a payments solution company, from Arion Bank for $100 million.

The Icelandic Valitor serves SMB merchants in Iceland, the United Kingdom, and Ireland, and throughout Europe with in-store and online payment acceptance solutions and card issuance.

Rapyd, a fintech company founded by Arik Shtilman, Arkady Karpman, and Omer Priel in 2016, integrates financial services into any application and streamlines the process of supplying local payment options. Rapyd is also aggressively seeking acquisition possibilities, focusing on strong payments firms, after a $300 million funding round in January.

“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.”

Mr. Shtilman, Rapyd co-founder and CEO

He added, “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.”

The London-based Rapyd intends to simplify omnichannel payment integration, expand into new regions, and reduce FX fees, allowing it to tap into revenue and growth opportunities otherwise unavailable. Furthermore, the firm is bringing together 900+ payment methods in over 100 countries to unify fragmented payment systems worldwide.

Valitor businesses and merchants may grow into a broad range of new use cases and services and swiftly enter new markets by using Rapyd’s Collect, Disburse, Wallet, and Issuing capabilities.

“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

“It has been our long-stated intention to find a new and more appropriate home for Valitor. In Rapyd, we have found exactly that. A highly strategic partner, at the forefront of technological innovation and with complementary strengths to those of Valitor. I would like to thank our Valitor colleagues for their co-operation and wish them best of luck on their new adventures as part of the Rapyd Group.” 

Benedikt Gislason, Arion Bank’s CEO

Stripe, General Catalyst, Oak HC/FT, Tiger Global, Durable Capital, Target Global, and Tal Capital have invested $470 million in Rapyd so far.

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