Mastercard pays $3.2 billion for Nets’ account-to-account payment business from Denmark.
Nets, a Copenhagen, Denmark-based paytech company, announced getting into an M&A agreement with Mastercard, for selling its Corporate Services division, specifically the account-to-account based services including clearing and instant payment services, and e-billing solutions.
The deal was made for €2.85 billion ($3.2bn) and is fully aligned with Nets' strategy to focus on its businesses within merchant services (Merchant Services) and processing (Financial & Network Services).
The acquisition represents the majority of Nets' Corporate Services division and comprises the clearing and instant payment services, and e-billing solutions of Nets’ Corporate Services business, including Betalingsservice in Denmark and AvtaleGiro/eFaktura in Norway.
Nets' e-ID and Digitisation services are not part of the transaction and will be retained by Nets as core capabilities. The addition of Nets technology and teams strengthens Mastercard’s existing account-to-account (A2A) capabilities.
Real-time payments provide a smarter and faster alternative to traditional ACH, cash and checks. They help banks improve the efficiency of their operations, providing a better user experience and customer service, while helping to reduce the cost of exception handling.
Nets’ Corporate Services business operates both managed services and software license models in several European markets. It also has an established and highly successful bill pay service in Norway and Denmark, building on its regional innovation heritage, and a new Open Banking solution for banks, fintechs and third-party processors. The acquisition by Mastercard will support and strengthen the business and bring an increased focus on innovation to customers in the Nordic region.