Norwegian payments service Payr merges with Nordic consumer service platform Hudya to build a Nordic fintech giant.
The merged company will count 500 people and will be operating in Norway, Sweden and Denmark, before expanding to Europe in 2020.
While Payr has become one of the leading fintech startups in Norway with their mobile-first bill payment app, even making it to KPMG and H2 Ventures list of the 100 leading fintech innovators in the world, Hudya has steadily grown to become an established actor in Norway, Sweden and Denmark through the development of their digital platform and several strategic acquisitions. The merger between the two companies combines the product innovation strength of Payr with the distribution and market power of Hudya.
-Both companies have international ambitions. This merger provides the merged company the necessary muscles and speed for continued European growth and accelerates entry into new markets, says Payr CEO Espen Einn and Hudya CEO Børge Leknes in a joint statement.
Payr will become part of Hudya´s Payments department, and Payr CEO Espen Einn will take on the role of Chief Payments Officer in Hudya. The new company will continue to work towards creating technical solutions simplifying personal finances.
Børge Leknes says the Hudya Group follows a systematic growth strategy in its efforts to simplify consumers ́ everyday lives, and that they are well on their way to gather consumer-oriented services and products on their platform. The merger with Payr is an important part of this strategy.