Denmark's Coinify has acquired rival Dutch processor Coinzone in a bid to create a pan-European provider of bitcoin-to-fiat payment processing for online merchants and PSPs.
The deal adds 2000 merchants to Coinify's 8000-strong network of online clients and presages plans for further capital raising in a Series A round of funding.
Christian Visti, CFO and head of strategy at Coinify, says: “Coinzone’s established presence in Europe, especially in the most active countries of France, Germany, Spain, Italy and Romania, and the recent market entries in the UK, the Czech Republic and Poland - is 100% in line with our strategy to accelerate the expansion in these important markets.”
Coinify has been active with acquisitions as a method for achieving growth. In September 2014, when the company secured a multi-million capital injection by eed Capital and Accelerace Invest, the firm unified consumer and merchant services by purchasing technologies and the customer base from the trade platform, Bitcoin Nordic, and merchant services pioneer, Bitcoin Internet Payment System.