The alliance follows the purchase of Dotpay/eCard, and Nets will attain a majority stake of 51% in the consolidated Polish group that will include Przelewy24 and Dotpay/eCard.
Przelewy24 employs about 100 people and its 2018 gross revenues were over €20m. The agreement is subject to customary approvals by the relevant Polish authorities.
Nets said the two agreements represent a significant entry for the company into Poland, a country characterized by high growth in digital payments.
Przelewy24 is claimed to have a comprehensive product suite within e-commerce. As part of Nets Group, the company will benefit from a portfolio of e-commerce solutions, increased industrial scale and synergies via joint innovation.
As a payment institution, Przelewy24 services more than 85,000 merchants.
Przelewy24 CEO Piotr Kurczewski said: “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 to the benefit of merchants, partners and consumers.”
Kurczewski will continue as CEO of Przelewy24 and shareholder with 49% of the consolidated group. Andrzej Budzik will continue as CEO of Dotpay/eCard.
Nets Group CEO Bo Nilsson said: “Przelewy24 has performed very well in recent years achieving continued growth in volume and revenue. This strategic alliance increases our presence in the merchant services area in Poland and in combination with our acquisition of Dotpay/eCard we aim to further strengthen our presence in Poland through consolidation and strong commercial initiatives.”
Earlier this month, Nets signed an agreement with Danske Bank, as part of which the Danish financial services provider will issue and develop the Dankort card.
Furthermore, the companies have agreed to cooperate on the development of payment infrastructure in the country.
The Nets Group, which employs 3,500 people, includes German Concardis and Polish Dotpay/eCard.
