Swedish FinTech Northmill Bank has acquired payments firm Moreflo for an undisclosed amount.
According to AltFi, the acquisition comes as Northmill is looking to make a play in the business-to-business retail market.
Established in 2006, Northmill secured its full banking licence in 2019 and is looking to expand across Europe. The neobank claims to have helped more than 200,000 customers has 150 employees across four countries.
Moreflo creates payment solutions for small large organisations. The firm works alongside over 2,500 merchants and 400,000 end users in Norway, Sweden, Denmark and Finland.
Northmill claims it wants to ‘erase the border between in-store and online shopping’. After the acquisition, Moreflo will change its name to Northmill Flo.
Northmill CEO Tord Topsholm said, “We will give merchants the tools to offer an amazing experience for the end users, regardless of how or where they choose to shop. Just like many banking customers, a lot of merchants feel forgotten and put aside, not least after the turbulence of recent years.
“We want to change that. The market will look very different in just a few years. The next generation’s shopping will be without boundaries where social platforms, in-store and e-commerce fill the same purpose.”
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