ePassi, a Helsinki, Finland-based mobile payment solution for subsidised employee benefits, raised €41.5m in funding.
Backers included Bregal Milestone, a pan European private capital firm which will take an active role in the Board, and Risto Siilasmaa’s investment firm First Fellow Partners. Risto Siilasmaa will act as an advisor to the Board.
The deal is expected to complete during Q4 2019 and is subject to approval by regulatory authorities.
The company intends to use the funds to continue to expand operations and its business reach.
Founded by Risto Virkkala, who will continue to hold a significant stake in the business and continue to be Chairman of the Board of Directors, and led by Pekka Rantala, the newly appointed CEO, who will also co-invest in the transaction, ePassi provides corporate benefit and mobile wallet solutions via a broad spectrum of service providers globally.
Partners include Alipay, Vipps, Siirto, and WeChat.