Nets’ subsidiary Paytrail to acquire Checkout Finland

Nets Group’s Finnish online payment subsidiary Paytrail is to acquire fellow e-commerce specialist Checkout Finland from OP Financial.

Checkout Finland, serving both ecommerce and physical stores with a wide array of payment options, has around 8,000 ecommerce merchants on its customer list and is expecting close to EUR12m of revenues in 2020, up from a reported EUR 8.2m in 2019.

The deal follows a ten-year partnership with OP Financial in the merchant acquiring segment and continues the ongoing process of consolidation in the payments sector.

“While we are seeing a move towards larger players in the industry, together with the rising number of smaller fintech players, local know-how is also a key success factor,” says Robert Hoffmann, CEO of Merchant Services at Nets Group. “As we see ecommerce as one of the biggest growth areas within payments, we are very pleased to further strengthen our ability to innovate and offer the best in online payments in Finland with Checkout Finland.”

The completion of the transaction is subject to approval from FIN-FSA, and is expected to close during the first half of 2021. Financial terms were not disclosed.