Rapyd completes acquisition of Iceland’s Korta

By Robin Amlot

UK-based Rapyd, has completed the acquisition of Korta, an Iceland-based payment card service provider. Rapyd helps merchants, gig-economy platforms, and technology providers create and launch applications without having to build payments infrastructure. Korta provides merchants with a range of in-store and digital payment acceptance solutions. The deal was originally announced in April 2020.

Rapyd CEO Arik Shtilman said: “We are pleased to announce the completion of this strategic acquisition so we can begin to integrate Korta’s leading payment card servicing capabilities with Rapyd’s global FinTech platform. Rapyd’s vision is to extend the capabilities Korta currently provides by enabling Iceland and European businesses to quickly and easily accept a broad range of international payment methods both in-store and online. Our goal is to help businesses expand their sales and revenue opportunities through advanced technology and superior customer service capabilities that help them maintain local and global competitiveness in today’s dynamic and quickly changing business environment.”

The Rapyd Global Payments Network lets businesses and consumers pay and be paid however they choose. More than 900 payment methods in over 100 countries are supported, including cash, ewallets, bank transfers, and local debit and credit cards. The acquisition of Korta provides Rapyd online acquiring and point-of-sale (POS) capabilities as the company grows its European and worldwide footprint. Korta is a fully licensed European Merchant Acquirer and principal member of VISA and Mastercard.

Korta CEO Jakob Már Ásmundsson added: “This is a really exciting time as one of the world’s fastest-growing FinTechs is making a direct investment in the Iceland market and will take Korta’s technology and service offering to a new level.” Rapyd will continue to build and invest in Reykjavík with plans to hire additional engineering, product, sales, and customer service roles.

Shtilman concluded: “Iceland is known for embracing new technology so we see a natural fit combining modern FinTech capabilities with card processing services. But customer experience is also important and we believe we can deliver Icelandic merchants and businesses a better proposition through advanced technology with a focus on our customers’ business success.”