FinTech-as-a-Service startup Rapyd announced Thursday (July 1) it will spend $100 million to acquire Icelandic payments solution firm Valitor from Arion Bank.

“Valitor is a well-established payments brand and considered one of Europe’s payments leaders, providing both in-store and online payments acceptance solutions as well as card issuing to SMB merchants in Iceland, the U.K. and Ireland, and across Europe,” Rapyd said in a news release emailed to PYMNTS. “The acquisition of Valitor will complement Rapyd’s existing payment capabilities throughout Europe, as well as enhance its issuing portfolio.”

More specifically, Rapyd says the acquisition will “empower customers from any industry to streamline integration of omni-channel payments, expand into new markets, flatten FX fees, unlocking revenue and growth potential that would otherwise be inaccessible to them.”

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