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Rapyd reaches deal to buy payments card service provider Korta

Israeli fintech startup Rapyd has agreed to acquire Iceland-based payment card service provider Korta.

Korta, which was founded in 2002, offers cross-border payments services in the European Union.

Its offers services such as point-of-sale terminals, online payments as well as card storage services.

The Iceland-based payment card service provider offers support for both Visa and Mastercard.

Commenting on the deal, Rapyd CEO Arik Shtilman said: “By leveraging Korta’s omnichannel card acquiring technology we can expand our Fintech-as-a-Service platform into new channels and payment methods to provide merchants a truly integrated and localized solution with Rapyd’s easy-to-use APIs and automated self-service tools.”

The acquisition is part of Rapyd’s strategy to tap opportunities created by the mass transition of enterprises and SMB merchants to digital commerce post-Covid-19 outbreak.

According to a recent survey, in Europe, online orders have seen a 71% surge on a year-on-year basis since March.

In the US and Canada, online orders grew by 56%, and APAC-region online orders soared 82%.

Shtilman added:  “More flexible acquiring solutions that are not only feature-rich but are also designed to enable faster speed-to-market are critical as store-based retailers begin to lean into e-commerce experiences.

“We believe Korta’s omnichannel card offering combined with the Rapyd Global Payments Network can provide merchants of any size a much better experience than current market offerings due to our ability to provide over 900 local payment methods in more than 100 countries.”

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