Payments company DNA Payments has acquired Sweden-based fintech firm Zash to bolster its merchant services and worldwide growth.

Financial details of the acquisition were not divulged.

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Zash provides point-of-sale (POS) software and payments services to nearly 1,000 clients across the EU, UK, Latin America and Brazil. The firm enables both in-store and online payments.

The fintech was founded by former Paypal commercial director and Visa head of mobile Daniel Bessmert. Zash first launched its services in 2016.

Zash offers a B2B2C solution that allows merchants to sell at retail locations and also online. The solution is said to facilitate merchants to save costs and gain revenue via B2C offerings.

DNA Payments expects the acquisition to complement its business, which involves POS and e-commerce payment services. It offers full-scope services for small and mid-size enterprises (SMEs).

Zash founder and CEO Daniel Bessmert said: “It is very rare, that you can find a better business fit, than between DNA Payments and Zash.

“Our company cultures, business segment and value propositions are extremely aligned and it is such a rare 1+1=3 scenario that is very hard to find in the fintech space.”

Following the acquisition, DNA Payments will integrate Zash’s solution into its service proposition. In addition, Bessmert will be appointed as chief commercial officer at DNA.

In October last year, DNA Payments acquired CR7 Services, which provides omni-channel payment processing technology and retail payment acceptance solutions.