Nordic firm Nets acquires 51% stake in a major Polish Fintech Group

Nordic payments firm Nets, following its recent acquisition of Dotpay/eCard, will attain a majority stake of 51% in the consolidated Polish group that will include Przelewy24 and Dotpay/eCard.

Piotr Kurczewski will continue as CEO and shareholder of Przelewy24, with 49% of the consolidated group. Andrzej Budzik will continue as CEO of Dotpay/eCard.

No financial details have been disclosed.

Kurczewski comments: “With our offerings in the e-commerce area we will further strengthen our combined merchant services portfolio, and as part of the Nets Group we will be able to speed up innovation, building on our joint capabilities.”

Poland’s payments landscape is characterised by “solid growth” in e-commerce volumes and “high growth potential” through cash to digital payments conversion.

Przelewy24 has a product suite within e-commerce. Its inclusion in Nets aims to provide it with a broader portfolio of e-commerce solutions, increased industrial scale and “synergies” through joint innovation.

Przelewy24 employs around 100 people and its 2018 gross revenues were more than €20 million.

The agreement is subject to customary approvals by the relevant Polish authorities.

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