Swedbank acquires PayEx

Swedbank AB, a Nordic-Baltic banking group based in Stockholm, Sweden, announced the acquisition of the Swedish payment service company PayEx.

The terms and conditions of the transaction remain undisclosed.

The acquisition will allow Swedbank to go into a new market and complement its commitment forward to meet customers' needs for comprehensive digital solutions at payment solution market.

PayEx, founded in 1972 by Max Hansson and led by Raymond Klavestad, president and CEO, means a group of companies in Sweden, Norway, Denmark and Finland offering payment solutions for internet and mobile trade and administrative services for billing, ledger administration and debt collection.

PayEx also offers financial services such as factoring, payment and loan. The company has more than 10,000 customers and about 500 employees, processing annually more than 250 billion on behalf of its customers in their home markets.

Payex will operate as a wholly owned subsidiary of Swedbank, with headquarters in Visby, and continue to act in an open market with existing and new customers.