Financial services firm LHV Group is acquiring Estonia-based payments fintech EveryPay in a deal worth €8 million.
LHV Group, also based in Estonia, says the acquisition will enable the financial services firm to expand into ecommerce.
Launched in 2015, EveryPay connects major banks in the Baltics, several smaller financial institutions and more than 2,000 ecommerce companies and merchants via a card payments and open banking platform.
The platform processes more than 15 million payments annually, worth in excess of €800 million and accounting for about 70% of Estonian online card transactions and approximately 50% of those in the Baltics.
Madis Toomsalu, chief executive officer of LHV Group, comments: “More than before, we wish to grow business activities related to payment services. This has become an important part of LHV’s strategy.”