Leading Scandinavian payment network Nets AS has significantly boosted its Eastern European presence, confirming its outright acquisition of Polish payment systems provider Polskie ePłatności (PeP).
Updating investors, Nets’ governance underlined that it has secured the leading ‘merchant payment position’ within Polish retail, agreeing a transaction ‘valued at €400 million’.
PeP has developed a 125,000 point-of-sale network, becoming the preferred payment solution for Polish SME businesses, offering merchants a deeper choice payment processor than standard Polish banks.
Confirming the acquisition, Nets governance branded Poland as ‘one of Europe’s most attractive markets’ due to the nation’s ‘low card penetration’ in which the Scandinavian payment network will seek to up-sell its services.
Bo Nilsson, CEO of the Nets Group, said: “PeP is the fastest growing payment technology company in one of the fastest-growing digital payment economies in Europe, and we have been impressed by the PeP-team, their high-quality in-house operation and business performance.
“With PeP’s strength with SME merchants on card acceptance and point-of-sales terminals, this deal has a convincing strategic fit, completing our offering to merchants in Poland.”
Expanding its payment network beyond its home Scandinavian markets, Nets’ governance has targeted growth within Eastern European markets.
During 2019, Nets moved to establish its Eastern European profile by acquiring emerging markets payment solutions provider Dotpay/eCard.
Furthermore, Nets further secured a stake in Polish payment network Przelewy24, forming a strategic alliance targetting Polish retail and digital incumbents.
Jaroslaw Mikos, CEO of PeP, commented: “We are excited to become part of a leading European player like the Nets Group. It will support our strong growth trajectory by strengthening our offerings across the merchant service value chain. Together, we can use our combined local capabilities and experience for the benefit of our customers.”