Payments fintech Rapyd has agreed a deal with Icelandic firm Arion Bank to acquire payments solutions company Valitor in a deal worth $100 million.
Founded in 1983, Valitor provides both in-store and online payments acceptance solutions as well as card issuing to small and medium-sized enterprises (SMEs) across Europe.
UK-based Rapyd says the acquisition will “complement [its] existing payment capabilities throughout Europe” and “enhance its issuing portfolio”.
The company describes itself as a “Fintech-as-a-Service (FaaS)” platform and offers cloud-based technology to integrate payments and fintech services into web and mobile applications.
It has been on the lookout for new acquisitions since it secured a $300 million Series D funding round in January.
Prior to that, Rapyd completed the acquisition of another Icelandic company, payment card service provider Korta.
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.”
He adds that the company will “continue to grow and invest in Iceland, making it our European hub” and plans to “support local merchants while increasing our reach across Europe”.