Nordic-Baltic banking group Swedbank is acquiring payments service PayEx to expand its digital solutions. The financial terms of the deal are undisclosed.
Founded in 1972, PayEX is now a privately-owned group of companies across Sweden, Norway, Denmark and Finland.
It’s offers solutions for online, mobile and physical payments as well as administrative services such as billing, accounting management and debt collection.
Swedbank says the acquisition will allow it to enter new markets and add new services to meet its customers’ changing digital demands.
Swedbank president and CEO Birgitte Bonnesen commented: “PayEx is a unique company and we are glad to make this acquisition.
“There is great competence and knowledge in the company and we will continue the positive development of the company together.”
PayEx generated a profit before tax of $8.7m last year and will now become a wholly-owned subsidy of the Stockholm-based banking group.
Visby-based PayEx’s CEO Raymond Klavestad said: “We look forward to rapidly increase the customer value for the customers of both parties in cooperation with Swedbank.”
Copyright © 2017 FINTECH GLOBAL
