Norway’s Sparebank 1 has cquired the Norwegian operations of mobile payment network mCash for an undisclosed sum.
The acquisition of mCash will add over 100,000 users, over 600 merchants, technological platform as well as POS integrations with major vendors to Sparebank 1’s portfolio.
Sparebank 1, which represents the interest of a group of 17 Norwegian savings banks, said that the takeover is in line with the bank’s strategy to collaborate with the startup community and invest in technology with transformative potential.
mCash COO Anders Bakke said that the sale is part of the company’s strategy to expand internationally and will help them shift focus to new markets.
mCash, founded in 2014, connects banks, merchants and consumers to a virtual mobile payment network providing physical retail, online and P2P payments.