Banking

Nets acquires Finnish firms Poplatek and Poplapay

Nordic payments service provider Nets has completed its acquisition of Finnish software developer Poplatek and its spin-off form Poplapay.

Nets acting acquisitive in 2020

According to Nets, the new acquisitions will enable it to strengthen its group-wide payments application and boost its payment terminal services.

Poplatek and Poplapay employ 40 people in total and have a combined annual revenue of around €5 million.

For the CEO of Poplatek, Mikko Virtanen, the acquisition means an exciting time as it becomes “part of a leading industry player”. He adds that the firm is looking forward to “taking part in a European journey that Nets has embarked on”.

Robert Hoffman, CEO of merchant services at Nets, states that the company’s ambition is to “become a pan-European payments champion”.

“Poplatek is an agile and high performing tech company, and Poplapay has solid capabilities within payment terminal services,” he adds.

“Together, they will help us increase our flexibility to better accommodate different customer needs across Europe and provide best-in-class payment acceptance solutions, also going forward.”

The financial details of the deal were not disclosed.

Nets Group was the subject of one of 2019’s largest acquisitions, when Mastercard nabbed a majority in its real-time payments business in a $3.19 billion deal. That transaction is predicted to close in Q1 2020.

Read more: Nets pilots facial recognition for payments with Danish office workers

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