Market Pay Expands Footprint with Strategic Altapay Acquisition
Market Pay Enhances Nordic Operations with Altapay Acquisition
The Danish company Altapay stands out as a prominent payment service provider in Scandinavia, delivering comprehensive payment solutions tailored for various merchant needs, whether online, in-store, or integrated through omnichannel systems.
Strengthening Market Presence
This latest acquisition marks a pivotal moment for Market Pay, enhancing its presence in the Nordic regions and extending its capabilities to cater to small and medium-sized businesses across Europe.
Details of the Acquisition
Market Pay Group recently announced its agreement to acquire Altapay, a leading payment service provider headquartered in Denmark. Altapay boasts a strong clientele of over 400 merchants and has developed substantial expertise in managing complex online transactions, offering around thirty local and international payment methods alongside alternative options like Buy Now Pay Later (BNPL).
The platform’s effectiveness lies in its ability to address a spectrum of commercial scenarios, ensuring flexibility for merchants in the dynamic online marketplace.
Innovative Payment Solutions
Beyond online transactions, Altapay also facilitates seamless in-store payments via next-generation terminals, supporting a wide range of omnichannel payment solutions. This sophisticated unified platform enhances transaction management across multiple channels, helping merchants consolidate data efficiently to boost performance and conversion rates.
Impressive Transaction Volume
In a recent performance report, Altapay successfully processed €3.1 billion in transactions within its native country, proving its capability as a key player in payment processing. Additionally, Altapay operates in several other markets, including Sweden, Norway, and the UK, servicing diverse sectors such as retail, digital services, tourism, and entertainment.
Leadership Insights
Frédéric Mazurier, President of Market Pay, commented on the acquisition: "This move represents an incredible opportunity to enhance our online payment offerings. Altapay has developed a state-of-the-art platform that will blend seamlessly with our existing solutions. The integration of their expertise will significantly bolster our presence in the region."
This acquisition, notably the fourth in a series of strategic moves since 2021, aligns with Market Pay's broader strategy of expanding and refining its payment solutions, propelling its platform's rollout throughout Europe, where it is already operational in various countries including France, Italy, Spain, and Finland.
Future Commitment to Growth
Christian Rasmussen, CEO of Altapay, expressed enthusiasm about the partnership, indicating, "We are excited to collaborate with Market Pay, which is set to continue investing in our growth and service enhancement. Our customers and partners will now have a stronger ally to address their payment requirements efficiently." He added, "Altapay’s comprehensive suite of solutions and omnichannel platform will amplify Market Pay's strengths within the Northern European markets while benefiting from expertise derived from a tech company rooted in the retail sector."
Transaction Timeline and Expectations
The closure of this strategic transaction is anticipated within the next couple of months, contingent on the necessary foreign direct investment approval.
About Market Pay
Market Pay is a forward-thinking European payment platform dedicated to providing holistic omnichannel digital solutions. Being the only European entity managing the entire payment value chain, Market Pay harnesses its retail sector experience to deliver innovative, end-to-end digital solutions suitable for both large retailers and small merchants. The company aspires to simplify payment complexities and enhance its commercial offerings by introducing pioneering innovations to merchants, serving as a singular point of contact for all payment needs. Since its inception in 2016, Market Pay has grown to employ over 320 individuals across 11 nations, managing 3 billion transactions annually through 180,000 terminals and overseeing more than 5 million managed cards.
About Altapay
Altapay specializes in providing comprehensive omnichannel payment solutions, equipping merchants with a streamlined platform to efficiently manage online, in-store, and mobile transactions. Based in Copenhagen, Altapay delivers extensive services, including payment acceptance, issuance, omnichannel gateway options, and point-of-sale functionalities. Their unique integration offers customers complete transparency over transactions, ensuring thorough settlement and cost information reconciliation.
Frequently Asked Questions
What does the acquisition of Altapay mean for Market Pay?
The acquisition will enhance Market Pay's operation in the Nordic region and expand its payment solutions portfolio.
How will Altapay's transaction management system benefit Market Pay?
Altapay's platform streamlines payment processes, improving efficiency and increasing conversion rates for merchants.
What are the expected outcomes of this acquisition?
Market Pay anticipates significant growth in its service offerings and an expansion of its customer base across Europe.
Will there be any changes in leadership after the acquisition?
Both companies' leadership expressed excitement about collaborating and furthering their innovation strategies.
When is the transaction expected to close?
The transaction is projected to conclude within two months, pending necessary approvals.
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