French fintech Market Pay has moved to strengthen its presence in the Scandinavian markets via a local accusation, buying out Danish firm AltaPay.
This marks Market Pay’s fourth acquisition since 2021 as the company pursues a strategic expansion, aiming to build on its existing operational presence in Belgium, Denmark, Finland, France, Italy, Latvia, Lithuania, Poland, Spain and Norway.
Market Pay expects to close the transaction within the next two months, subject to regulatory approvals. The firm expects a big boost in the Nordics via the takeover, with AltaPay active in Denmark, Sweden and Norway, processing €3.1bn in transactions in its home market in 2023, while it is also active in the UK.
“The acquisition of AltaPay represents an incredible opportunity to enhance our online payment offerings,” said Frédéric Mazurier, President of Market Pay.
“Their team has developed a cutting-edge, robust, and reliable platform that will seamlessly complement our current solutions. Integrating their teams, expertise, and commercial strength is also a major asset in strengthening our presence in the region.”
Market Pay’s acquisition of AltaPay is the latest in a series of prominent acquisitions to have taken place in fintech so far this year, both in Europe and other areas. Notable M&A last month saw Wordpay buy AI fraud prevention platform Ravelin and Amazon purchase Indian fintech Axio.
By acquiring AltaPay, Market Pay expects to expand not only its geographical reach but also its operational capabilities. Its new asset’s payments portfolio has around 30 local and international methods and it has also made entry into alternative payment options, like BNPL.
This latter area may be of particular interest to AltaPay with BNPL use on the rise across multiple countries, driving solid revenue gains for the likes of Klarna and Affirm. Further regulation of the sector, providing clarity on its future, is also expected in key markets like the UK.
“We are excited to partner with Market Pay, who will keep investing in our growth and development,” said Christian Rasmussen, CEO of AltaPay.
“For the benefit of our customers and partners who now want an even stronger partner to solve their payment needs and make them even more competitive and seamless. We are excited to join Market Pay and contribute to the success of a leading European actor in the payment industry.
“Our suite of solutions, omnichannel platform, and ecosystem of clients and partners bring new strengths to Market Pay in Northern European markets. At the same time, we will also benefit from the expertise of a tech company born in the retail sector “
