Mastercard Completes Acquisition of Nets’ Account-to-Account Payment Business

Today, Mastercard (NYSE: MA) announced it has completed its acquisition of the majority of the Corporate Services businesses of Nets, a leading European PayTech company, having met the conditions set out by the European Commission (EC) in its approval in August 2020. The additions to Mastercard support a broader set of account-to-account capabilities, including clearing and settlement instant payment infrastructure, bill payment and E-invoicing applications.

“Today is a significant milestone as we continue to build out our multi-rail payment solutions beyond cards,” said Paul Stoddart, president of New Payment Platforms, Mastercard. “This acquisition brings Nordic top talent and innovative technology, enhancing our existing multi-rail propositions to enable greater access, choice and flexibility in how people want to pay and get paid.”

Over the past three years, Mastercard has continued to expand its reach beyond card payments, executing on its multi-rail strategy. The proven real-time infrastructure and pioneering bill payment solutions of Nets’ Corporate Services complement Mastercard’s growing suite of payment capabilities.
As a direct result of today’s announcement Mastercard further establishes its presence in Denmark and Norway by adding over 300 highly skilled employees working predominantly from locations in Oslo and Copenhagen.

“This transaction is of great importance to Mastercard also because it marks a change of stewardship for a range of services important to and relied upon by many Danes and Norwegians, "says Peter Klein, Executive Vice President in New Payment Platforms who has been leading the acquisition and is a Dane himself. "We have an exceptional track record in developing and enhancing companies we invest in. Since acquiring Vocalink, for example, a UK-based leading payments technology company, we have brought new payment services to people and businesses in the UK, as well as across the globe, modernising payment systems and providing new services such as enhanced bill payment solutions, financial crime and fraud protection solutions.”

Combined with Mastercard’s global network and customer franchise, this acquisition further strengthens its position as the payment partner of choice for governments, financial institutions and businesses and in relation to all types of payments services, in the Nordics and beyond.