Nets Group completes acquisition of Checkout Finland

By Megha Bhattacharya

Nets Group’s Finnish e-commerce specialist Paytrail announced the completion of the acquisition of Checkout Finland Oy, a payment service provider in Finland. With this acquisition, Nets Group further expands its presence in Finland and strengthens its position within e-commerce – a high-growth area across Europe, further fuelled by the COVID-19 pandemic.

“Following acquisitions across Europe – especially in fast-growing, underpenetrated regions – Checkout Finland strategically complements our existing offering in Finland very well,” said Robert Hoffmann, CEO of Nets Merchant Services. “Expanding market presence, especially in the fast-growing e-commerce business, is an important building block in achieving Nets Group’s ambition of becoming the European PayTech leader.”

In January 2020, Nets announced that its Finnish e-commerce specialist, Paytrail has signed an agreement to acquire OP Financial Group’s Checkout Finland Oy.

Checkout Finland, previously part of OP Financial Group, serves both e-commerce merchants and physical stores with a wide range of payment options and mobile payment solutions. The company had around 8,000 e-commerce merchants and reported revenues of almost €12 million for 2020, up from €8.2 million in 2019.

“In Finland, direct transfers are still a very popular payment option in online retail,” added Hoffmann. “Together with Checkout Finland, we are able to provide an expanded set of ecosystem integrations and broad functionality across bank payments, PSD2, cards, wallets, invoices, as well as future innovations to Finnish merchants and service providers that – thanks to Nets Group’s broad spectrum and extensive experience across Europe – also enable international business growth.”