Paytrail, the Finnish e-commerce arm of Denmark-based payment solutions provider Nets Group, has brokered a deal to acquire Checkout Finland.
Checkout Finland is part of OP Financial Group. It offers a range of payment options, along with mobile payment solutions, to both e-commerce and physical stores.
Checkout Finland has nearly 8,000 e-commerce merchants on its platform.
Back in 2017, Nets formed a ten-year merchant acquiring partnership with OP Financial Group.
Now, by acquiring Checkout Finland via its online payments arm Paytrail, Nets Group aims to expand its presence in Finland.
Financial details of the transaction were not divulged. The transaction, which awaits the approval of FIN-FSA, is expected to complete in the first half of 2021.
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Nets Group CEO of merchant services Robert Hoffmann said: “As we see ecommerce as one of the biggest growth areas within payments, we are very pleased to further strengthen our ability to innovate and offer the best in online payments in Finland with Checkout Finland.”
Paytrail CEO Markus Laurio said: “The way we shop and transact online is somewhat different in Finland.
“Understanding and developing our offerings as the experts in Finnish e-commerce has always been our passion, and we are happy to join forces with Checkout Finland, to serve Finnish customers even better with our very strong capabilities and insights into Finnish digital payments.”
Last month, Nets forged a strategic partnership with open banking platform Fabrick for product development in the instant payments space.
In the same month, Nets Group acquired Swiss payment terminal provider CCV Schweiz.
In November 2020, Italian payments processor Nexi inked a binding framework agreement to acquire Nets.