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    Rapyd Agrees to Acquire Valitor for USD 100 million
    01.07.2021

    Rapyd Agrees to Acquire Valitor for USD 100 million

    Rapyd Agrees to Acquire Valitor for USD 100 million - mynd

    • Rapyd entered the Icelandic market in 2020
    • The transaction strengthens Rapyd’s presence substantially in Iceland
    • Iceland to become Rapyd’s strategic hub for Europe
    • The transaction is subject to regulatory approval
    • Arion Bank expects to recognize a net profit of approximately ISK 3.5 billion from the sale

    Rapyd, a global Fintech as a Service company, has entered today into a definitive agreement with Arion Banki hf (Arion Bank) to acquire Valitor hf. (Valitor), a leading Iceland based payments solutions company. The purchase price for the transaction equals USD 100 million or ISK 12.3 billion. The transaction is expected to close by the end of 2021 and is subject to regulatory approval.

    The transaction will have a positive impact on the Bank financially, as the Bank expects to recognize a net profit of approximately ISK 3.5 billion, which is the difference between the sale price and the company’s book value, minus sales costs. The Bank also estimates that surplus capital will increase by ISK 8-11 billion.

    Valitor is a well-established and respected payments brand and is considered one of Europe’s leaders in providing both in-store and online payments acceptance solutions as well as card issuing. The company offers holistic payment solutions directly to SMB merchants in Iceland, the U.K. and Ireland, and across Europe. The acquisition of Valitor will provide Rapyd with a significant expansion of its payment capabilities throughout Europe, as well as a robust issuing portfolio.

    Current Valitor merchants will experience no disruption of service and should benefit from Rapyd’s Global Payments Network and its industry-leading suite of Fintech as a Service capabilities. Rapyd aims to work closely with Icelandic merchants to provide them with next-generation payment services and the ability to scale their business globally.

    Arik Shtilman, Rapyd co-founder and CEO:
    “Iceland has long distinguished itself as a cashless nation and an innovation hub, with extraordinary levels of talent and a developed payments ecosystem. We plan to continue to grow and invest in Iceland, making it our European Hub and aspire to become one of the key international employers in the country”.

    Benedikt Gislason, Arion Bank’s CEO:
    “It has been our long-stated intention to find a new and more appropriate home for Valitor. In Rapyd, we have found exactly that. A highly strategic partner, at the forefront of technological innovation and with complementary strengths to those of Valitor. I would like to thank our Valitor colleagues for our co-operation and wish them best of luck on their new adventures as part of the Rapyd Group”.

    Herdís Fjeldsted, Valitor’s CEO:
    “Today’s announcement marks a landmark moment in Valitor’s long history. This is a game-changing transaction for the Icelandic payments market. The Valitor management team is excited about the future prospects and very much look forward to closely working with Arik and the broader Rapyd team on the integration of the two businesses”.

    Macquarie Capital is acting as financial advisor and Logos as well as Mörkin are acting as legal advisors to the Bank. Gornitzky and BBA / Fjeldco are acting as legal advisors to Rapyd with PwC and Jakob Ásmundsson advising on the financial side.