Nets Group to acquire Checkout Finland
Nets Group’s Finnish ecommerce specialist, Paytrail, has signed an agreement to acquire Checkout Finland Oy, part of OP Financial Group.
The deal marks another step for Nets’ strategy to become a European payments champion. Let’s recall that Nets has recently announced a merger with Italian PayTech leader Nexi.
Checkout Finland, part of OP Financial Group, is a rapidly growing player in the Finnish payment landscape, serving both ecommerce and physical stores with a wide array of payment options, together with mobile payment solutions. Checkout Finland has around 8,000 ecommerce merchants and is expecting close to EUR 12 million of revenues in 2020, up from reported EUR 8.2 million in 2019. Checkout Finland expects the strong growth to continue into 2021.
“While we are seeing a move towards larger players in the industry, together with the rising number of smaller fintech players, local know-how is also a key success factor,” says Robert Hoffmann, CEO of Merchant Services at Nets Group. “As we see ecommerce as one of the biggest growth areas within payments, we are very pleased to further strengthen our ability to innovate and offer the best in online payments in Finland with Checkout Finland.”
Nets established a 10-year partnership with OP Financial Group in 2017 in relation to merchant acquiring and is now taking Finnish ecommerce know-how to the next level with the acquisition of Checkout Finland. The completion of the transaction, subject to approval from FIN-FSA, is expected in the first half of 2021.