UK-based fintech-as-a-service (FaaS) platform Rapyd has completed the acquisition of the Iceland-based payment card service provider Korta.

Following the acquisition, Rapyd will integrate its platforms with Korta’s point-of-sale (POS) and online card payment acceptance solutions business in Iceland and globally.

Founded in 2002, Korta is a principal member of Visa and Mastercard and a fully-licensed European merchant acquirer.

Korta offers merchants with a suite of in-store and digital payment acceptance solutions.

Korta CEO Jakob Asmundsson said: “This is a really exciting time as one of the world’s fastest-growing fintechs is making a direct investment in the Iceland market and will take Korta’s technology and service offering to a new level.”

The acquisition of Korta will equip Rapyd with online acquiring and point-of-sale (POS) capabilities and help the company expand its footprint globally.

The company also plans to hire more people in engineering, product, sales, and customer service roles.

Commenting on the deal, Rapyd CEO Arik Shtilman said: “Rapyd’s vision is to extend the capabilities Korta currently provides by enabling Iceland and European businesses to quickly and easily accept a broad range of international payment methods both in-store and online.

“Our goal is to help businesses expand their sales and revenue opportunities through advanced technology and superior customer service capabilities that help them maintain local and global competitiveness in today’s dynamic and quickly changing business environment.”

Founded in 2015, Rapyd enables clients to build fintech or commerce applications without needing an intricate payment system.

The Rapyd Global Payments Network supports over 900 payment methods across more than 100 countries. These include cash, e-wallets, bank transfers, and local debit and credit cards.