Paytrail is a curious company. As a payment provider focused on the Nordic and Baltic countries, it was difficult to see how they could grow to compete against the giants like Paypal and others. But at the same time they have deep institutional plugins to payment providers in Finland and the Nordic countries that have helped our region process over €1 billion in payments since it was founded in 2007.

For those outside the Nordics, the north has our own quirks to online payments just like any other region. Unlike the credit-card friendly States, the Nordic population prefers to pay through bank transfers provided through direct linkages to your bank — where you can pay for your goods and services by logging in through your bank credentials. As a Finnish native, Paytrail has this locked down, as well as your typical credit card payments or even invoice payments.

But last week the company announced it has been 80% acquired by Nets, a Copenhagen-based company whose activities include interbank clearing, terminal and PSP services, direct debit, credit transfers, e-invoicing, e-archiving, e-identity solutions and card acquirer and issuer payment processing. The financial details of the round were not shared at this time.

Nets was founded in 1968 and count 2,450 employees while Paytrail counts 40.

Bo Nilsson, CEO of Nets, says in a statement that “…Merchant Solutions as a business area is a strategic growth priority for Nets. This acquisition demonstrates our dedication to this strategy and our commitment to invest in new, innovative services in order to shape the future of digital values.”

In the future Nets says it will help Paytrail continue to grow its business as part of Nets’ merchant service arm. The price of the acquisition was not shared.