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June 30, 2021

Mobile wallets Pivo, MobilePay and Vipps agree to merge

OP Financial Group and Danske Bank have signed an agreement to merge their respective mobile wallets Pivo and MobilePay with Vipps, which is owned by a consortium of banks.

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Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
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Pivo, MobilePay and Vipps will combine into a single mobile payment service.

The resulting combined company will be one of the largest mobile wallets in Europe. It will have a user base of 11 million consumers and more than 330,000 merchants across Finland, Denmark and Norway.

Banks behind Vipps will hold a 65% majority stake in the new company. Meanwhile, Danske Bank will own 25% and OP Financial Group will own 10%.

Merged mobile wallet

The merged platform will enable a variety of mobile wallet services such as online and store payments, and money transfers. The companies plan to invest in e-commerce and facilitate cross-border mobile payments in the future.

As per the agreement, Vipps will continue as the technology platform for product development. The companies will create a common technology platform.

Danske Bank head of Personal & Business Customers Glenn Söderholm said: “No partnership would be better than teaming up with Norwegian Vipps – it is the perfect match for MobilePay.

“At the same time, it is a great strength that Pivo, owned by Finland’s largest bank, OP, will also be part of the merger.

“We are proud to take part in creating a new and future-oriented fintech business in the Nordic region, and Danske Bank will continue to be a dedicated co-owner of the new business.”

The new company will have headquarters in Oslo, Norway with Vipps current CEO, Rune Garborg, as the new CEO.

Claus Bunkenborg, CEO of MobilePay, will be an executive board member of the merged company. Kjerstin Braathen, chair of Vipps and CEO of DNB, will act as chairman of the board of directors.

The merger is subject to the approval of the competition authorities and expected to occur this year or early next year. The deal will not involve any layoffs.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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