A fintech firm based in Israel, Rapyd, issued a statement on Thursday confirming the acquisition of Iceland-based payment solutions provider Valitor in a transaction worth US$100 million.
Valitor is a provider of a broad range of payment solutions to B2B clients in and around Europe. The offerings by Valitor provide in-store and online payment support to its partners and their customers. The firm is also a card issuer for SMB merchants in Iceland, the United Kingdom, Ireland, and the rest of Europe.
Rapyd has much capital to deploy towards viable acquisitions in the sector, thanks to a recently completed funding round in which it raised US$400m at a US$2.5bn valuation.
Rapyd’s strategy is to expand its offerings by investing in the acquisition of payment solutions that are compatible with and can be added to its Global Payments Network.
“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,” said Arik Shtilman, Rapyd co-founder and CEO. “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.”
First launched in 2015 as CashDash by co-founders Arkady Karpman, Arik Shtilman, and Omer Priel, Rapyd operates a payment platform that facilitates real-time, cross-border e-remittances using different payment methods, such as cash, bank transfers, and digital wallets. Its system currently supports 65 currencies and is operational in over 170 countries.
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