Swedish neobank Northmill is moving into B2B payments with the acquisition of Nordic eftpos company Moreflo.
Moreflo claims more than 2,500 merchants and 400,000 end users in Norway, Sweden, Finland and Denmark, equipping them with a variety of payments terminals to accept payments both instore and online.
Tord Topsholm, CEO at Northmill comments: “The next generation’s shopping will be without boundaries where social platforms, in-store and e-commerce fill the same purpose. As a tech-company with a Swedish banking license within the Group, we can utilise the experience we have in using data to create a great customer experience.”
Northmill recently opened for business in Norway after raising $30 million to fuel its expansion across Europe.
The acquisition pitches the firm into a highly competitive market, currently dominated by the likes of Square, Adyen and Klarna.
Upon closing Moreflo will be rebranded Northmill Flo and will be led by Mike Selander, co-owner and former CEO of the Point-of-Sale rocket Ancon.
"We will return the confidence back to the merchants to sell, charge and tailor their own experience the way they want," he says. "The conditions are perfect for a European roll-out and today we already have a presence in Denmark, Finland, Norway and Sweden. The technology, the will and the competence are there to challenge by lowering costs and thresholds, to question outdated things such as contract duration and unnecessary fees, but also to invest in having a really good and personal customer service.”