NEWS
/
Pressrelease
Since inception in 2016, Stacc has had an ambition to become an international player within financial technology for banks and financial institutions. After the acquisition of the Oslo-based company Quesnay in 2021, Stacc announced that the next acquisitions will take place outside of Norway. Now the fintech group is taking the next step into the Nordics by acquiring 100% of the shares in the Swedish company, The Farm Interactive AB.
Stacc already delivers solutions to customers in Sweden and has extensive experience in helping Swedish banks digitize and automate their credit- and lending processes. Stacc aims for a turnover of NOK 220 million in 2022, where approximately 20% of the revenue comes from customers outside of Norway. With the acquisition of The Farm Interactive, the group expects a total turnover of close to NOK 270 million in 2023.
Sweden is a natural next step for us considering that the banking infrastructure and surrounding services have many similarities with the Norwegian market. Sweden is also a larger market making expansion into Sweden a prioritized and natural next step. We have been looking for suitable acquisition candidates throughout the Nordics for a while, and have now found what we believe to be the perfect match.
Geir Nordrik, CEO Stacc AS
The Farm Interactive has a team of approximately 20 software developers with strong expertise within invoice administration, factoring and debt collection. This fits in well with Stacc's growth plan for Sweden.
Stacc has a clear goal to gain a significant footprint in the Swedish market in the upcoming years, and the new team located in Skövde, southwest part of Sweden, is the perfect start for the Swedish expansion.
We believe in local presence and proximity to customers. Knowledge of local products, market conditions and regulations is important for delivering Stacc's solutions in the various markets. We are experiencing an increasing interest for our solutions in the neighboring country and based on feedback from conversations with banks and potential customers we believe Stacc to be the "puzzle piece" that is currently missing in the Swedish market.
Geir Nordrik, CEO Stacc AS
The Farm Interactive AB has in the past year tilted its business model and service offering more towards fintech, especially factoring and debt collection. The plan is for “The Farm” to become Stacc's Nordic "Center of Excellence" within invoice administration, factoring and debt collection with a specific focus on delivering, implementing and supporting Stacc's solutions to customers in the Swedish region.
The parties found out quickly that Stacc and The Farm Interactive are a good fit:
Stacc's ambitions coincide perfectly with our competence and expertise. In addition, strong cultural fit made the choice to join Stacc easy.
Roderick Hristov, CEO The Farm
The Nordic financial market needs more flexible and modern solutions in a world that is changing at an increasing pace. The Farms and Stacc's joint products and services will make our customers even more competitive and market agile.
Ahmed Krayem, CCO at The Farm
The Stacc journey in the Nordics will continue
Stacc's plans for the Nordic expansion do not stop with Sweden. The ambition is to continue growing into the Nordic market through strategic acquisitions. The purpose is to gain access to local expertise and capacity to roll out Stacc's solutions in these markets.
We are continuously looking for potential M&A candidates with domain knowledge within banking and finance with the purpose of gaining market access and network in local geographical markets. We believe that there is a lot of potential for Stacc solutions in the rest of the Nordics countries as well.
Facts about Stacc
Stacc is a financial technology company established in 2016, which supplies software solutions and services to banks and financial players in the Nordics.
Stacc is after the transaction approximately 190 employees spread across the offices in Bergen, Oslo and Sweden.
Facts about The Farm Interactive AB
The Farm Interactive started 2008 and has approximately 20 employees in the offices in Science Park in Skövde. The company develops solutions within fintech, especially within factoring and collection solutions.
Contact information
Geir Nordrik
CEO, Stacc AS
+47 908 92 837
geirn@stacc.com
Roderick Hristov
CEO, The Farm Interactive AB
+46 70 750 34 20
roderick@thefarm.se