Rapyd Valitor 100mfaridi Crowdfundinsider: Rapyd, a provider of financial services software-as-a-service and solutions, today announced it has signed an agreement to acquire Valitor, a leading provider of in-store and online payment technologies for merchants in Europe. The transaction is valued at €94 million ($100 million), which includes the purchase price as well as working capital from July 2015.
Valitor’s technology offers merchants with integrated card payments an alternative route to market. The company currently powers the payment environment at the majority of large retailers and supermarkets in Iceland, offering point-of-sale, online and mobile payments over its Fastnet secure network. The acquisition will provide Rapyd with an immediate presence in Iceland and enable it to rapidly grow its merchant base throughout Europe.
Austin McChord, Founder & CEO of Rapyd, said: “This is a significant step forward for Rapyd as we establish our position as one of the fastest-growing fintech companies in the world. Online and mobile payments are the most exciting growth areas in fintech today, and we see in Valitor a strategic infrastructure partner to get us into this space quickly.”
Lars Mather, Founder and CEO of Valitor, added: “We have chosen Rapyd as our strategic exit vehicle. We have been impressed by their executional strength, strong management team and rapid growth. We are excited to work with them to build a global business serving the $250 billion payments ecosystem.”
Valitor, which was founded in 2009, is headquartered in Reykjavik, Iceland and employs more than 650 people worldwide. Prior to closing today’s acquisition, Valitor had raised over €100 million from investors including the investment funds Eirikur Capital, SKB Group and KK Investment Partners.
Rapyd was founded in 2014 and currently operates on a global scale from offices in the US, Paris and Reykjavik. The company’s transactional business is delivered via its fintech-as-a-service (FaaS) suite and payment services platform, including a range of software products designed to simplify payments across various industries.
The valuation of the acquirer has been calculated with an IRR of 83% based on revenue per transaction.