Nets Group’s Finnish e-commerce specialist Paytrail has concluded the acquisition of regional peer Checkout Finland for an undisclosed sum.
The acquisition adds 8,000 ecommerce merchants to Nets portfolio and further accelerates its European expansion.
Previously part of OP Financial Group, Checkout Finland provides a range of payment options and mobile payment solutions to both e-commerce merchants and physical stores.
The company posted revenues of nearly €12m for 2020, up from €8.2m a year ago. It is said to be one of the first companies in the Nordics to operate payments on a cloud-based, scalable platform.
Nets Merchant Services CEO Robert Hoffmann said that Checkout Finland strategically complements the company’s existing offering in Finland very well.
“Expanding market presence, especially in the fast-growing e-commerce business, is an important building block in achieving Nets Group’s ambition of becoming the European PayTech leader.”
He further said: “Together with Checkout Finland, we are able to provide an expanded set of ecosystem integrations and broad functionality across bank payments, PSD2, cards, wallets, invoices, as well as future innovations to Finnish merchants and service providers that – thanks to Nets Group’s broad spectrum and extensive experience across Europe – also enable international business growth.”
Continuing consolidation across Europe
Nets Group has been taking forward its M&A strategy in Europe, with several mergers and acquisitions in the last three years.
This includes the merger with Concardis as well as the acquisition of other strategic partners in German-speaking countries and fast-growing regions, including Poland.
Last September, Nets announced a merger with Italian PayTech provider Nexi. This transaction is expected to close in the second quarter of 2021.
In December last year, the company acquired CCV Schweiz, a subsidiary of CCV Group based in the Netherlands.