Wallee Group AG, a leading provider of payment technology solutions has closed the acquisition of SnapSwap International S.A., a Luxembourg financial institution.
Wallee Group AG now offers a unique value proposition: Omnichannel payment technology for e-commerce, face-to-face and unattended transactions combined with providing an end-to-end solution for authorization, acquiring collecting, issuing services, proprietary invoicing and cash flow operations, supported by automated onboarding including AML and KYC.
With this comprehensive service portfolio the Wallee Group AG is in a strong position to enable major providers to use or resell innovative payment solutions to their network of clients (as-a-service) as well as to offer direct digital payment services via the web portals wallee.com and everestcard.com to small and medium enterprises across Europe from a single source.
With over 120 employees in four locations in Europe (Switzerland, Luxembourg, Germany, Lithuania), Wallee Group AG is ready to expand its presence from DACH and Benelux regions to other European and global markets.
Wallee Group AG CEO Thomas Heldner, former Chief Product Officer at Worldline: “Snapswap portfolio and know-how is the perfect complement to wallee. We are looking forward to the development of new products and solutions for our institutional clients and our end users - merchants and businesses. Modern businesses expect seamless integration of payment flows, 360-degree control of transactions, top-notch innovations and dedicated customer support. We are well positioned to deliver to these expectations with the assurance of strong risk management and full regulatory compliance.“
SnapSwap International S.A. founder and CEO Denis Kiselev joins the Wallee Group AG Board of Directors: “Today SnapSwap offers everest, an online banking platform for businesses with full payment functionalities for domestic and international payments, expense management, and card issuing. Jointly with the wallee team we are able to reach out to an additional 50 thousand clients, offer new functionalities and expand to other European markets.”
The new venture was approved by the CSSF, the financial markets regulator in Luxembourg. SnapSwap offers its services under an Electronic Money institution license passported to all member states of the European Union. The company holds a Principal Mastercard membership, which allows the issuing of credit & debit cards and processing of the transactions on the Mastercard network.