Hudya merges its operations with Payr.

Hudya, an Oslo, Norway-based company providing mobile services within multiple verticals, announced entering into a merger agreement with its competitor Payr, also based in Oslo.

Financial details of the transaction remained undisclosed.

The merger between the two companies combines the product innovation strength of Payr with the distribution and market power of Hudya. After the transaction, Payr CEO Espen Einn will take on the role of Chief Payments Officer in Hudya and the merged entity will have 500 employees and will be operating in Norway, Sweden and Denmark.

Payr, founded in 2016 by Espen Grimstad Einn, Åste Laberg and Ola Einang, started by building a service for scanning and payment of invoices and gradually developed a marketplace platform for consumer services. The company has 40,000 registered users in Norway who used the company's mobile service to pay bills of more than NOK 1bn.

Payr is backed by investors including DNB, MP Pensjon, Tomorrow Today (2M2D), having raised a little more than $4M in external funding.

Hudya, founded in 2016 and led by CEO Børge Leknes, is a group of companies operating under a digital platform providing services for both individuals and businesses in verticals including mobile, electricity, insurance and refinancing. The company has been growing aggresively under a buy & build strategy, with a range of M&A agreements in the past 18 months, with companies including Seqr (Norway), SalesPartners Direct Sales (Denmark) or Conteo (Sweden).

Hudya is financed by Adolfsen Group.