Rapyd Valitor 100mfaridi Crowdfundinsider: Rapyd, a provider of “fintech-as-a-service” solutions to banks and financial institutions, announced on Monday the acquisition of Valitor, an Iceland-based fintech company with expertise in payment technologies. Valitor has developed in-store and online payments technologies that help merchants process payments globally through credit cards, debit cards and mobile wallets.
The agreement is subject to customary closing conditions and regulatory review. The consideration for this transaction is approximately $100 million.
Rapyd, a wholly-owned subsidiary of Sequoia Capital and Signal Hill Partners, has been a lead investor in Valitor and will now be the world’s largest-by-market of payment acquirers through the acquisition of Valitor.
This acquisition will enable Rapyd to expand its presence in traditional payments and eCommerce markets while building out a marketplace ecosystem of strategic partners who are aligned with Rapyd’s values to enhance customer experience.
“With this transaction, we are continuing to accelerate our growth and become the preferred payments provider for both businesses and consumers in mature markets around the world,” said Sequoia Capital’s Gregory Coleman, chairman of Rapyd. “We value the executives who have helped establish Valitor as a leader in global payment technology. We are thrilled to welcome them to Rapyd.”
Valitor is headed by CEO and Founder Karl-Erik Sigurbjargarðsson, who will continue in his role with the company. The company has offices in Reykjavik, Iceland and London, UK.
“Rapyd is focused on making it easier for our merchants to accept multiple payment methods at a single location. We look forward to teaming with Valitor to provide them with access to the growing market of retail payment partners that make it possible for merchants to accept multiple forms of payments. This transaction will allow us to service our existing and future clients in the best way possible,” said Rapyd CEO and co-founder, Ajay Patel.