FinTech Northmill Snaps Up Moreflo to Bring Merchants Innovative Tools

FinTech firm Northmill closed an acquisition deal for the technology company Moreflo to bring merchants the ability to give their customers the same shopping experience online and in-store. The new entity is being rebranded as Northmill Flo AB, according to a press release on Wednesday (Feb. 2).

Based in Stockholm, Moreflo is an electronic funds transfer at point of sale company (EFTPOS) with more than 2,500 merchants and 400,000 end users in Norway, Sweden, Finland and Denmark.

Founded in 2006, Northmill is moving into the business segment with the goal of bringing merchants a way to offer their customers more shopping options that meets their preferences.

See also: FinTech Northmill Pulls In $30 Million, Plans Expansion To Norway

“At Northmill we want to improve people’s financial lives. Now, we are also adding merchants to this vision. We will give merchants the tools to offer an amazing experience for the end users, regardless of how or where they choose to shop,” said Tord Topsholm, CEO at Northmill.

“Just like many banking customers, a lot of merchants feel forgotten and put aside, not least after the turbulence of recent years. We want to change that. The market will look very differently in just a few years. The next generation’s shopping will be without boundaries where social platforms, in-store and eCommerce fill the same purpose,” Topsholm added.

Northmill tapped Mikke Selander, co-owner and former CEO of the point-of-sale rocket Ancon, as the new CEO of Northmill Flo.

Read also: Retailers Need to Wear ‘Digital-First Hat’ to Optimize Physical Store Experience

Moreflo’s portfolio includes numerous solutions for various sectors and sizes. The firm is among the Nordic’s top suppliers of solutions and technology, and its cloud platform integrates seamlessly while also being scalable.

Daniel Höglund Werngren, founder of Moreflo AB and new product manager at Northmill Flo, said that the company’s “amazing journey” is ready to further “embark on a new quest.”

“The timing is perfect and I will continue to work with developing the product offering and ensuring that merchants’ and end users’ everyday lives become even better,” Werngren added.