The merger will enable the two companies to further expand their products and reach out to foreign markets. For now, the two companies will operate under their respective brands, until the merger is complete at which point the organisations will be rebranded.
“This partnership is a step forward in Braintri’s strategy to enter global markets,” said Wojciech Zatorski, Braintri’s COO.
Both companies currently offer some of the most innovative FinTech solutions on the market.
Braintri had developed mobile banking apps for some of the largest banks in Poland, including the FTSE large cap banking giant PKO BP as well as mBank. In addition, one of their greatest successes is BLIK (Poland’s non-card payment standard), which according to Braintri is now being used by 94 per cent of the country’s population.
iCompass provides software for major European banks, as well as for global payment organisations, including Mastercard Payment Transaction Services. The company is a technology provider for the first Polish mPOS platform, and the developer of the universal payment gateway Octopus Payment Hub.
As part of the merger the two companies have agreed to focus on three main product lines: mobile applications, big data solutions, and payments, as well as plans to further develop their insurtech competencies.