Bambora Group, the Swedish fintech innovator, plans to acquire Beanstream Internet Commerce.
Bambora is a payments company which processes more than $50bn transactions a year and aims to simplify trade between people, in-store as well as online and using mobile devices.
It intends to use Beanstream – a provider of card-not-present, payment processing, risk management and authentication services – as a way into the North American market.
CEO of Bambora Group Johan Tjärnberg trumpeted: “We are acquiring the best and most innovative start-ups in the payments market that share our values and strong belief in simplifying trade between people on a global level. Beanstream is a perfect fit for our strategy. Together we will be able to create great products for the North American market and fuel new innovations.”
President of Beanstream Craig Thomson chipped in with: “Beanstream at its core is an entrepreneurial organization, which closely complements Bambora’s culture. The opportunity to work with some of the best and brightest thought leaders in the industry and collaborate on innovative technology that we can bring to North America is extraordinarily exciting for our team.”