The merger between Vipps and Danish Mobilepay has been approved
– This gives us endless possibilities for simplification in the Nordics, says Vipps CEO Rune Garborg in a press release.
Danske Bank, which owns Mobilepay, states in a statement on Friday afternoon that the merger between the two payment services must be completed during the fourth quarter after all relevant authorities, most recently the European Commission, have given the green light.
This means that the two leading digital wallets in Norway, Denmark and Finland will be merged into a Nordic challenger in the international payment market.
The merger was announced in June 2021. Last month it became clear that the Finnish payment service Pivo will not be part of the merger.
The two companies which are now merging together represent almost 11 million consumers, 400,000 companies and are used 900 million times a year.
When the merger is completed, the new group will have 650 employees in Finland, Denmark, Lithuania and Norway.
Head office in Norway
Vipps CEO Rune Garborg will become CEO of the new company, and Mobilepay CEO Claus Bunkenborg will join the group management as head of new growth. DNB chief Kjerstin Bråthen will be chairman of the board.
The company will have its head office in Oslo and brand offices in Denmark, Finland and Lithuania.
The Norwegian banks are behind Vipps will own 72.2 percent of the new company, and Danske Bank will own 27.8 percent.
Danske Bank will receive a one-off income of 400 million Danish kroner, almost 560 million Norwegian kroner, in connection with the merger of the companies.
Vipps was launched by DNB in 2015, was merged with BankID as and Bankaxept as in 2018, and is now owned by several Norwegian banks.
Garborg says there will be small changes for consumers at first.(Terms)Copyright Dagens Næringsliv AS and/or our suppliers. We like to share our stuff using links that lead directly to our pages. Copying or other forms of use of all or part of the content can only be done with written permission or as permitted by law. For additional terms see her.