Rapyd, a digital payment infrastructure provider, announced that it entered a definitive agreement to buy an Icelandic omnichannel payment services provider, Valitor, from Arion Bank for USD 100 million. The deal is currently subject to regulatory approval.  

The acquisition comes on the heels of Rapyd raising funding in two separate rounds in H1 2021 (including a USD 300 million round in January), with which the company indicated that it would explore acquisition options of payments companies to enhance their capabilities by connecting them to the Rapyd Global Payments Network. 

Valitor is a veteran in the European domestic and cross-border payment space, offering omnichannel payment infrastructure and card issuing services for small and medium-sized business (SMB) merchants in many European nations, including the UK, Ireland, and Iceland.  

UK-based Rapyd provides FinTech infrastructure for businesses to embed online payment mechanisms using application programming interfaces (APIs). The platform allows companies to enable local and international transactions by combining over 900 payment methods in more than 100 countries. Rapyd’s customers primarily include e-commerce platforms, labor and goods marketplaces, lenders, and financial services providers.