PayiQ, the Finnish Smart Mobility Fintech company, continues its rapid expansion by acquiring the Swedish payment service company PayIQ AB. The merger of these two of the most interesting businesses in the mobile payment industry creates a leading Nordic provider of integrated payment technology solutions.
PayiQ, the leading Finnish provider of Mobile Payment technology, has acquired Swedish Payment Services company PayIQ AB. The merger of the similarly named companies significantly expands their market potential not only in Scandinavia and Europe, but also globally. The acquisition also strengthens PayiQ’s ownership with new international shareholders and investors.
“This arrangement ensures us a fast entry to the Nordic Fintech markets and Mobility as a Service (Maas) sector, where we have a lot to offer as Finland’s leading MaaS experts.” says Tuomo Parjanen, CEO of PayiQ. PayiQ is the first Finnish company to develop a mobile payment solution for MaaS operators. The solution meets the needs that digitalization, shared economy and flexible mobility services pose to payment and ticketing services. PayiQ’s solutions are already in use in several Finnish cities and more cities are constantly joining in.
“The combination of PayIQ Sweden and PayiQ Finland will be transformative for the Nordic payments industry” says the CEO of PayIQ AB, Bo Hammarström. “We are happy to have finalized the merger between the two companies and see great opportunities to grow more rapidly together, both on new markets and with new services to existing customers. Together we can offer more comprehensive solutions in mobile payments, mobile ticketing and other value added mobility services. PayIQ AB delivers modern payment services for e-commerce. We strive to enhance online business with flexible, responsive and customized payment solutions in cooperation with small and large companies. PayIQ AB also offers mobile marketing solutions for e-commerce retailers.
“This partnership marks a major milestone for our company, significantly enhancing our direct presence in our largest market and transforming PayIQ AB into the leading provider of integrated payments technology solutions in the Nordics,” said Claes Tellman, Chairman of the Board at PayIQ AB.
“This acquisition is another in a series of steps that PayiQ has recently taken to expand internationally.” says Esa Tervo, Chairman of the Board at PayiQ. “This autumn PayiQ has already announced expansion to Russia and cooperation with Danske Bank’s MobilePay. This merger increases our customer base with almost 100 new international customers and it enables expansion to new transportation areas, such as European ferry traffic.”
PayiQ develops cloud-based intelligent mobile solutions for public and private transport utilizing Microsoft Azure technology. We are the leading mobile payment solutions enabler for Mobility as a Service (MaaS) operators. Our focus is on mobile tickets, security and safety serving all travel means including various flavors of shared economy. PayiQ is a Microsoft CityNext Partner and active member of Global MaaS Alliance.