buys Estonian software development firm buys Estonian software development firm

Online payments firm has acquired Estonian software development firm Icefire, adding 110 engineers to its team. Financial terms were not disclosed.

Tallinn-based consultancy Icefire has experience developing financial services solutions for the likes of Skype, Swedbank, CoopPank and The Republic of Estonia’s Tax & Customs. says that the deal - which makes Tallin its second largest engineering hub after London - will help it accelerate the delivery of key products and features as it works to keep up with strong customer demand.

The firm, which counts Klarna, Revolut and Wise among its clients, has seen transaction volumes triple in the last year and recently raised $450 million at a $15 billion valuation.

Ott Kaukver, CTO,, says: “Icefire has an outstanding track record of building complex, modular financial systems over the past 18 years. Their proven experience is complementary to what we are building at, to empower the enterprises with better payments.”

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A Finextra member
A Finextra member 05 July, 2021, 19:16Be the first to give this comment the thumbs up 0 likes

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