"The acquisition will strengthen Luminor’s presence in the fast-growing e-commerce payments market," the bank said.
The purchase of Maksekeskus by Luminor from Omniva, Inbank, and Olsson & Nielsen Nordic, first announced on 1 February, was approved by the Estonian Competition Authority and the Estonian Financial Supervision Authority.
MKK provides e-merchants and their customers with secure payment solutions and e-commerce-related services in Estonia, Latvia, Lithuania and Finland. The company has grown significantly in recent years and now serves more than 3,100 active merchants in the Baltics.
MKK was founded in 2012 in Estonia where it is the market leader in e-commerce payment services. The acquisition by Luminor is intended to accelerate the expansion of MKK outside of Estonia, in particular Latvia and Lithuania.
“Luminor’s research shows that many SMEs in the Baltics are yet to benefit from moving their businesses online. Our pan-Baltic reach will help to accelerate MKK's expansion into Latvia and Lithuania, and the acquisition will strengthen our SME footprint in Estonia,” said Ilze Zoltnere, Head of Luminor Corporate Department in Latvia.
Luminor is the third-largest provider of financial services in the region.