Icelandic fintech company Valitor has recently raised $100 million in a funding round led by Rapyd, a global fintech company based in Singapore. Valitor offers a range of payment solutions, including merchant acquiring, payment gateway, and processing services. The funding round is expected to accelerate the company’s growth and expansion into new markets.
Background
Valitor was founded in 1983 as VISA Iceland and was initially a card issuing company. Over the years, the company expanded its services to become a leading provider of payment solutions in Iceland and the Nordics. Today, Valitor operates in several European countries and has a strong presence in the UK, where it acquired the merchant acquiring business of Lloyds Bank Cardnet in 2019.
Rapyd, on the other hand, is a global fintech company that provides a range of payment and financial services to businesses and consumers worldwide. The company has raised over $1 billion in funding and has a presence in more than 170 countries.
Funding round
The $100 million funding round was led by Rapyd and also included participation from other investors, including Fidelity Management & Research Company LLC and Oak HC/FT. The funding will be used to support Valitor’s growth and expansion into new markets, particularly in Europe.
Valitor CEO Vidar Thorkelsson stated, “We are delighted to welcome Rapyd as our new lead investor. With their support and expertise, we look forward to accelerating our growth and expansion plans, particularly in Europe where we see significant opportunities.”
Rapyd CEO Arik Shtilman added, “We are excited to partner with Valitor and support their mission to provide innovative payment solutions to businesses across Europe. Valitor has an impressive track record of growth and a strong presence in key markets. We believe that together we can create significant value for our customers and stakeholders.”
Implications
The funding round is a significant milestone for Valitor and underscores the growing interest in fintech companies that provide payment solutions. With the support of Rapyd and other investors, Valitor is well-positioned to expand its services and reach new customers across Europe.
The COVID-19 pandemic has accelerated the shift towards digital payments, as more consumers and businesses prefer contactless and online transactions. This trend is expected to continue, and companies that offer digital payment solutions are likely to benefit.
Valitor’s expansion into new markets is also timely, given the increasing competition in the payment solutions market. Large technology companies such as Apple, Google, and Amazon are also entering the space, which is driving innovation and disrupting traditional payment models.
Conclusion
Valitor’s $100 million funding round is a significant achievement for the Icelandic fintech company and underscores the growing interest in payment solutions. With the support of Rapyd and other investors, Valitor is well-positioned to expand its services and reach new customers across Europe.
The COVID-19 pandemic has accelerated the shift towards digital payments, and companies that offer digital payment solutions are likely to benefit. Valitor’s expansion into new markets is also timely, given the increasing competition in the payment solutions market.
As the fintech industry continues to evolve, it will be interesting to see how Valitor and other payment solutions providers adapt to changing customer preferences and market dynamics. The future of payments is digital, and companies that can provide innovative and secure payment solutions are likely to succeed.
