Today in Europe, the Middle East and Africa (EMEA) news, Ted Baker is to be bought by Authentic Brands Group for $253 million, while Remitly has agreed to acquire Israeli remittance solution Rewire for $80 million.
After months of searching for a buyer, Ted Baker has agreed to a deal with Authentic Brands Group (ABG), which values the company at $253 million. Ted Baker has nearly 400 locations across the United Kingdom, Europe and North America. ABG had been named as one of several potential buyers for the company.
Remitly, a global FinTech that provides digital remittance solutions, has signed a definitive agreement to acquire Rewire, an Israeli-based financial services platform for migrant workers, for approximately $80 million consisting of a mix of cash and stock. Rewire’s remittance platform complements Remitly’s focus on cross-border payments for migrants. Rewire’s customers create an account with which money can be stored to be remitted at any time.
Norwegian personal finance company Axo has acquired Defero, a digital credit-scoring and financial management platform in the Scandinavian region. The financial terms of the deal were not disclosed. Axo’s input will help Defero invest in new products and technology, boost conversion rates and capture a greater market share in both the Nordic region and beyond.
Correspondent banking startup TenureX is partnering with technology management and integration firm TM Group in a move to democratize correspondent banking in the Nordic region. TenureX offers a Correspondent-Banking-as-a-Service platform, and the partnership with TM Group is a milestone in the firm’s expansion strategy. Under the agreement, TM Group will provide TenureX with banking solutions and services in the Nordics to enhance compliance and productivity, as well as scale correspondent banking services.
Swedish buy now, pay later (BNPL) firm Klarna has expanded its all-in-one shopping app with a new feature that automatically consolidates purchase information from multiple sources in the Klarna app, enabling U.K. customers to keep track of all their online shopping in one place. With this addition, Klarna is seeking to make it more efficient and convenient for customers to manage their online purchases, helping them avoid the time lost switching back and forth between different delivery platforms.
U.K.-based rental platform Fat Llama has been acquired by the Swedish online rental marketplace Hygglo for $41.5 million. Both platforms operate a similar model that allows users to rent out power tools, film and camera equipment, and vehicles with Hygglo and Fat Llama acting as mediators that facilitate payments and insurance. Hygglo will acquire Fat Llama’s team, operations, software and branding as part of the deal. By joining forces, the two companies will form the largest European peer-to-peer (P2P) rental platform.
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