Rapyd, an insert-fintech-services-into-any-app payments platform has announced its definitive agreement with Arion Banki to acquire Icelandic payments solutions company Valitor for $100 million, subject to regulatory approval.
Rapyd has raised just shy of half a billion dollars over 6 rounds, and with their most recent Series-E round, it’s clear that they’ve earmarked a few acquisitions to further expand its product portfolio and geographic reach. With this acquisition, Rapyd is hoping to drive merchants' integration of omni-channel payments and reduce FX fees, thereby tapping into growth streams that may have previously been unavailable.
Valitor has been around since 1983 and has a well-established payments brand for both in-store and online payments acceptance. The company also has a long standing history of card issuing to SMB merchants in Iceland, Ireland, the UK, and continental Europe.
“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,” commented Rapyd co-founder and CEO Arik Shtilman.
Rapyd's investors include Stripe, General Catalyst, Oak HC/FT, Tiger Global, Durable Capital, Target Global, and Tal Capital.