Banking acquires Estonian software development firm Icefire

Cloud-based payments solutions provider has acquired Estonian software development firm Icefire.

Icefire has previously worked for brands such as Skype, Swedbank and CoopPank

The acquisition is the firm’s largest to date and will see all 110 of Icefire’s technology engineers join its global technology teams to accelerate the delivery of new products and features.

Estonia’s capital, Tallinn, will now become’s second-largest engineering hub, after its headquarters in London.

The payments platform powers some of Europe’s leading tech enterprises including Wise, Monese, Klarna and Revolut.

Icefire has experience developing financial services solutions for both the public and private sectors in its 18-year history.

It has worked for brands such as Skype, Swedbank and CoopPank. Most recently, it supported the development of Estonia’s COVID-19 app, HOIA.

Ott Kaukver, CTO at, says: “Icefire has an outstanding track record of building complex, modular financial systems over the past 18 years.

“Their proven experience is complementary to what we are building at, to empower the enterprises with better payments.” has seen its transaction volume triple in the past year driven by the surge in online and digital payments caused by the pandemic.

The UK-based firm is targeting a 60% increase in technology and product employees in 2021 to continue its growth.

Related: valued at European record $15bn after $450m raise

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