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Rapyd to acquire Iceland's Valitor for $100 million

Rapyd to acquire Iceland's Valitor for $100 million

Payments-as-a-service platform Rapyd has agreed a deal to acquire Icelandic payments company Valitor from Arion Bank for $100 million

Valitor provides both in-store and online payments acceptance solutions as well as card issuing to SMB merchants in Iceland, the UK and Ireland, and across Europe.

Arik Shtilman, Rapyd co-founder and CEO, says: "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 will support local merchants while increasing our reach across Europe so that we can provide payment solutions to any business committed to pursuing global success."

Buoyed by the pandemic-fuelled growth in cross-border digital payments, Israel-based Rapyd in January bagged $300 million in a Series D financing round led by Coatue. Shtilman says the firm is using the funding to actively pursue other acquisition opportunities.

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