The software company Vopy, which delivers technology in embedded finance, has acquired 100% of the Swedish fintech company Direct2Internet AB (publ) (”D2I”) including its subsidiaries. D2I is through its subsidiary, a financial institution and is registered by the Swedish Financial Supervisory Authority to settle transactions and other financial activities such as dealing with currency exchange. The acquisition means that Vopy holds its own financial regulatory licenses no longer depends on third parties enabling it to handle card transactions worldwide, significantly increasing Vopy’s market potential.
Direct2Internet (”D2I”), founded in 1999, is a Swedish financial institution and a PSP (Payment Service Provider) offering payment gateways. They have agreements and licenses to handle transactions from virtually all over the world. They also provide card terminals, e-commerce solutions, and other payment services. Some of D2I’s clients include Resursbank, Team Sportia, and Swedbank.
Through the acquisition, Vopy gains access to a regulatory platform and the necessary regulatory licenses. Combining Vopy’s technology with D2I’s licenses and platform enables Vopy to deliver essential financial functions and increase the volume of its remittance services globally.
Remittance refers to the non-commercial transfer of funds by an individual working in one country to their home country, typically sending money to their family. Remittance plays a significant role in international capital flows, especially for labor-exporting countries. Vopy’s remittance services provide banks and fintech companies in developing countries with the opportunity to offer real-time remittance services under their own brand at highly competitive terms.
”With this acquisition, Vopy becomes a ’one-stop-shop’ where our banking clients in countries such as Pakistan and Bangladesh can manage all their incoming remittance traffic with a single solution. Through the acquisition, Vopy obtains the regulatory platform that the company has been searching for and needs. This means that we can ensure long-term regulatory capacity and delivery where Vopy’s addressable market for international payments (remittance) multiplies manifold. Additionally, the licenses create the conditions for Vopy’s next product – Currency Savings,” says Sven Hattenhauer, CEO of Vopy AB (publ).
The acquisition is financed through payment in Vopy shares. This is done through a directed share issue where the total number of shares in Vopy is doubled and where the current owners in D2I jointly after the transaction will own 50% of Vopy. The transaction is conditioned, among other things, by approval from an extraordinary general meeting in Vopy.
”D2I’s major shareholders and I are very positive about a future together with Vopy – this is a perfect match. We provide a well-functioning platform that already has significant customers and works with flows through the card networks such as VISA and Mastercard and other payment methods such as Swish, invoice and partial payments, etc. We see the fact that we hold a permit from the Swedish Financial Supervisory Authority and that we work according to regulations such as ISO 27001 and follow PCI’s security standards, as important quality stamps.” Says Jens Claesson, CEO and founder of Direct2Internet and D2I Financial Services AB.”
About Direct2Internet AB /publ)
About Direct2Internet AB (publ): Direct2Internet (”D2I”) is a Swedish company founded in 1999 and is a financial institution and PSP (Payment Service Provider) offering payment gateways and holding agreements and licenses to handle transactions. D2I also provides card terminals, e-commerce solutions, and other payment services. D2I’s clients include banks, retailers, and major store chains. In 2022, D2I was recognized as one of the 15 most competitive fintech companies by Mastercard. D2I’s subsidiary, D2I Financial Services AB, holds the licenses with the Swedish Financial Supervisory Authority.
Read more about D2I here: https://www.direct2internet.com/