Nordic payment provider OpenSolution has acquired Finnish electronic payment solution Finnpos, for an undisclosed fee.
OpenSolution, which is owned by IK Investment Partners, is a payment solution provider that supports Nordic clients operating in verticals such as restaurants, casinos and arenas. The company has a selection of POS terminals available, with more than 8,000 merchants using the solutions.
Finnpos is also a payment solution provider, offerings its services to restaurants and petrol stations, generating sales of around €10m.
Following the deal, OpenSolution is hoping to extend its geographical reach and bolster its position in the Nordic region. The companies have a combined sales total of over €30m.
Finnpos CEO Markku Piippo said, “Joining forces with OpenSolution allows us to expand our services to our Nordic customers in Finland and throughout the market. With our combined product portfolios and our joint capabilities in product development, we become a stronger partner to our customers.”
Last year, IK Investment Partners used its Small Cap I Fund to pick up a majority stake in OpenSolution, for an undisclosed amount. The Small Cap vehicle closed on €277m in 2016, with a focus on companies in Denmark, Sweden, France, Germany, and the UK.
The firm’s portfolio also includes digital real estate buying and selling platform I@D, and Debito Inkasso which helps to recover overdue claims and debts for clients.
Payments and remittance companies have seen the largest focus for FinTech investments within the Nordic region, accounting for a quarter of deals since 2014. The largest investment round was in 2014, when Klarna raised $115.8m.
Copyright © 2017 FinTech Global
