Acquires Estonian Software Development Firm, Icefire

  • M&A Deals
  • 15.06.2021 10:15 pm, the leading cloud-based payments solutions provider, announces its largest acquisition to date of Estonian software development firm, Icefire. has seen the demand for its innovative payment solutions swell to an all-time high, with transaction volume tripling in the past year. The payments company helps global enterprises achieve better performing payments to drive more revenue and deliver better customer experiences through a customizable platform. Customers of the company include some of Europe’s top companies like Klarna, Revolut, Wise 

The acquisition of Icefire and their 110 technology engineers will join’s global technology teams to accelerate the delivery of key products and features. The Tallinn office will become’s second-largest engineering hub, after its headquarters in London, UK. The investment will also serve’s merchants with in-market expertise, to empower’s merchants to scale easily in more global markets and achieve optimal payments performance. Many leading Estonian-based technology businesses are already powered by’s platform, including Wise, Monese and Bolt.

Ott Kaukver, Chief Technology Officer at, said: “Icefire has an outstanding track record of building complex, modular financial systems over the past 18 years. Their proven experience is complementary to what we are building at, to empower the enterprises with better payments.”

The Tallinn-based consultancy has extensive experience developing financial services solutions for both the public and private sectors in its 18-year history. It has worked for brands such as Skype, Swedbank, CoopPank and The Republic of Estonia’s Tax & Customs Board. Most recently, it supported the development of Estonia’s COVID-19 app, HOIA. Icefire's team bring first-hand experience in building complex end-to-end financial solutions that will bolster's growth.’s growth has accelerated over the past 12 months, as merchants shift their attention to digital commerce. To fuel this product and market growth, has invested heavily in its technology teams, targeting a 60% increase in technology and product employees in 2021.


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