The European Commission has now approved a merger between Vipps and Nordic mobile payments players MobilePay after a third partner, Pivo, pulled out.
In the past month, Finnish mobile payments app Pivo was removed from the planned 3-way merger after the EC raised competition worries. Now, the commission has approved the Danske Bank-owned MobilePay and Vipps which is backed by a consortium of Norwegian lenders, to merge.
The combined firm, which is scheduled to launch on November 1, will have nearly 11 million users and 400,000 shops and e-commerce sites across Denmark, Finland, and Norway. This new entity is now building a common technology network, with the first step to collect both wallets on Vipps’ digital platform, with local adaptations and local brands.
Buy Bitcoin NowVipps’ bank owners will hold up to 72.2% of the new firm, with Danske taking the other 27.8%. Vipps CEO Rune Garborg, who is set to take up the same role at the merged company, said:
“We are going to break down the digital barriers between countries here in the north. As we now get to join forces, the goal is to simplify payment and trading throughout the Nordics.
“We will do this by offering simple payment solutions on one, secure digital platform. Our ambition is to solve everyday problems everywhere, and this merger gives us endless possibilities for simplification.”
