Pagantis was acquired by Afterpay from Australia for $82 million.

Pagantis, a Barcelona, Spain-based provider of financing solutions for e-commerce customers, announced that it was acquired by the Australian Buy now, pay later financial service provider Afterpay.

The deal was made with NBQ Corporate for a minimum consideration of €50 million ($59m). Under the deal terms, NBQ will receive €5m in cash upon closing and a minimum €45m in deferred payment three years after closing. The deferred consolidation will increase if Pagantis is worth more than €45 million at the end of the three-year period.

Any excess payments can be made in cash or Afterpay shares.

By acquiring Pagantis, Afterpay will be able to expand its footprint into these European countries. The company said it made the call to expand into the EU because of the bloc's €300 billion addressable eCommerce market.

Pagantis will discontinue its existing credit products. In Europe, Afterpay will offer BNPL products of Pagantis under its Clearpay brand.

Pagantis, founded in 2011 and led by CEO Rolf Cederström, developed an e-commerce platform, known in the Spanish market as Paga + Tarde, which allows consumers to pay for goods and services in monthly installments through a fully automated process, and provides e-commerce sites with a simple integration process to offer consumer credit along with their purchases. The company is providing payment instalment services across Spain, France, and Italy, with regulatory approval to also operate in Portugal.

Prior of being acquired, in 2019, Pagantis raised €65 million series B from Prime Ventures, SPF Investment Management, and Rinkelberg Capital Group