Banking

Checkout.com acquires Estonian software development firm Icefire

Cloud-based payments solutions provider Checkout.com 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 Checkout.com’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 Checkout.com, 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 Checkout.com, to empower the enterprises with better payments.”

Checkout.com 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: Checkout.com valued at European record $15bn after $450m raise


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