ePassi Payments Oy, a mobile payment solution for employee benefits based in Finland, has acquired its Swedish counterpart ActiWay Ab, according to a release. ActiWay is said to be the market leader for wellness allowance systems in Sweden. ePassi claims to be one of the fastest growing companies in Europe.
Details on the transaction were not released.
ePassi said the acquisition will strengthen its position as a leading Nordic mobile payment platform for employee benefits. The acquisition grows ePassi Group’s user base to over one million active users in total and increases ePassi Group’s revenue to approximately €150 million.
ePassi Group’s subsidiary ePassi Sweden and ActiWay will “continue their growth path together in Sweden.”
Niclas Jernberg, the current CEO of ActiWay, is expected to lead the combined business of ePassi Sweden and ActiWay. Jernberg will also invest in and become an owner in ePassi Group.
“The combined business gives us an even better position in the Swedish market. Together ePassi and ActiWay will have more than 13,000 affiliated wellness facilities for users to enjoy. Our main goal is to increase our users’ wellbeing with seamlessly and easily consumable wellness activities. This enables us to create the highest level of value, not only for our employer customers and their employees, but also for all the affiliated wellness suppliers,” commented Jernberg.
With the acquisition of ActiWay, ePassi Group continues its expansion in mobile wallet solutions. It has recently signed a number of cooperation agreements with major players, including international mobile wallet giants Alipay and WeChat, while continuing to seek additional growth opportunities.
Pekka Rantala, CEO of ePassi Group Oy, said that ActiWay is a unique company and the combination of the two firms means even more suitable and tailored services to their growing number of customers:
“ActiWay’s dynamic way of working and their path to becoming the leading employee wellness provider in Sweden is really unique and impressive. Together with ePassi’s mobile-based innovations, we’ll be able to offer even more suitable and tailored services to our growing number of employer clients, merchants and, of course, to more than one million active users in the Nordics. We look forward to continuing to grow in our two home markets, Sweden and Finland, as well as exploring growth opportunities in other markets.”
In 2019, ePassi received €41.5 million in venture funding.