The Swedish fintech innovator, Bambora Group, announced the signing of a definitive agreement to acquire Beanstream Internet Commerce, Inc.
Bambora plans to leverage this new business combination to enter the North American market. Bambora’s ambition is to become a global one-stop-shop with the same unique offer, services and customer experience regardless of where their clients are located. The goal? To become one of the industry’s most innovative and growth-focused payment companies globally.
Launched in May this year, the Bambora Group already handles more than $50 billion in transaction value a year, of which more than 70 percent is online. Bambora has 520 employees with offices in seven countries. The group consists of industry innovators, engineers, financial advisors, marketers and digital developers who all share a common goal - simplifying trade between people, in-store as well as online and using mobile devices.
Bambora’s plan to acquire Beanstream - a provider of card-not-present, payment processing, risk management and authentication services - is a result of its ambition to become a global player. Beanstream’s long history and exceptional reputation in the Canadian small to mid-sized business market, its proven platform and its momentum in the U.S., complement Bambora’s current strategy to efficiently enter the North American market.
Subject to closing conditions, the transaction is expected to be finalized in September 2015. The terms of the transaction were not disclosed.
“We are acquiring the best and most innovative startups in the payments market that share our values and strong belief in simplifying trade between people on a global level. Beanstream is a perfect fit for our strategy. Together we will be able to create great products for the North American market and fuel new innovations,” said Johan Tjärnberg, CEO of Bambora Group.
“Beanstream at its core is an entrepreneurial organization, which closely complements Bambora’s culture. The opportunity to work with some of the best and brightest thought leaders in the industry and collaborate on innovative technology that we can bring to North America is extraordinarily exciting for our team,” said Craig Thomson, president of Beanstream.
Bambora Group consists of a number of payment companies - including Euroline, Keycorp, dSAFE, Samport, IP Payments, MPS, DK Online and ePay. Together Bambora Group represents one of the largest online payments providers in Sweden. With business in Europe, Australia and New Zealand, the group offers all-in-one payment services for retailers and online merchants.