Paytrail Oyj (“Paytrail”), Finnish ecommerce specialist and subsidiary of leading payment solutions provider Nets Group (“Nets”), has signed an agreement to acquire Checkout Finland Oy (“Checkout Finland”), part of OP Financial Group. The acquisition supports Nets’ European ecommerce ambitions and further strengthens its presence in Finland. MCF acted as adviser to Nets throughout the process and the transaction represents MCF’s fifth successful mandate for the group.
MCF advises Nets Group on the acquisition of Checkout Finland
MCF acted as adviser to Nets throughout the process and the transaction represents MCF’s fifth successful mandate for the group.
In recent years and through several high-profile mergers and acquisitions, Nets has been an active player in the accelerating consolidation of the European payment industry. Along with the previously announced merger with Italian PayTech leader Nexi, Nets has also continued to strengthen its presence in other fast-growing and under-penetrated geographies across the continent.
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. With the acquisition of Checkout Finland, Nets will continue its successful growth journey and further expansion in the attractive Finnish ecommerce market.
The completion of the transaction is subject to approval from FIN-FSA, and the transaction is expected to close during the first half of 2021.
Checkout Finland enables Finnish merchants to use advanced payments solutions both in ecommerce and in store, whilst ensuring security, reliability and user experience are the best in the market for both the merchant and the consumer.
Checkout Finland has approx. 8,000 ecommerce merchants and is expecting close to EUR 12m of revenues in 2020, up from reported EUR 8.2m in 2019. Checkout Finland is expecting the strong growth to continue into 2021 driven by strong underlying trends in the relevant payment markets.
Checkout Finland is among the first companies in the Nordics operating payments on a cloud-based scalable platform.
As a leading provider of digital payment services and related technology solutions across Europe, Nets operates a deeply entrenched network which connects merchants, financial institutions, corporate customers and consumers, enabling them to make and receive digital payments as well as, increasingly, utilise value-added services to help them improve their respective activities.
Nets operates across the payment value chain from payment capture and authorisation through to processing, clearing and settlement.