·         Concardis, part of Nets Group, will deliver acquiring for the newly-founded, OTTO Market, supporting OTTO’s desire to set up its own payment service for the platform.

·         The deal is an extension of the long-standing relationship between Otto.de and the Otto Group with Concardis.

·         Expanded services will support the national and European growth of Otto Group's brands.

OTTO, one of Europe's most successful e-commerce companies, has further expanded its collaboration with Concardis, part of the Nets Group and one of Europe's largest pay tech providers.

Concardis has delivered innovative and reliable payment services to Otto Group for more than 16 years and the expanded partnership will see the company manage acquiring services for OTTO Market, which was founded in autumn 2020 and in which all payment activities will be bundled in future.

Robert Hoffmann, CEO of Concardis and Nets Merchant Services, sees great potential in the future expanded cooperation: "Together with OTTO, we have not only experienced the transformation of the classic mail order business to the pan-European e-commerce business, but we continue to grow as international leaders in online commerce, ensuring OTTO is ready for new challenges and equipped to capture opportunities for dynamic growth throughout Europe."

Mirko Krauel, Managing Director of Markt PEG – Payment Entwicklungsgesellschaft mbH at OTTO, added: “Concardis has been a very long-standing and trustworthy partner, particularly in credit card acquiring, for the majority of the Otto Group companies. We look forward to continuing to rely on Concardis as an important partner, particularly in the development of our own payment provision.”

Within the Otto Group, Concardis also supports well-known and successful brands across Europe in acquiring and in developing new target markets.A