Intrum Justitia Launches Payment Services for e-Merchants in the Nordics

European ARM giant Intrum Justitia is setting up a joint venture, Avarda, offering payments services to e-merchants in the Nordics. Avarda’s service offering will enable e-merchants to receive payment instantly while offering consumers the opportunity to pay through invoice or installments by revolving account. Avarda will offer a white-label service, allowing the e-merchant to communicate directly with its customers and thereby strengthen its trademark and competitiveness.

Avarda is owned jointly with TF Bank, which Intrum Justitia has co-operated with during several years, providing credit management services and purchase of overdue receivables.TF Bank brings considerable experience for e-commerce payment solutions. TF Bank is part of a corporate group that also includes Halens and Cellbes, for which TF Bank manages large volumes of credit and payment transactions in the Nordic markets. Avarda will use TF Bank’s existing IT platform and thus offer its clients a solution with a solid track record.

“The launch of Avarda is an important step in the realization of Intrum Justitia’s strategy to grow in the market of non-defaulted debt, with e-commerce as a particularly attractive segment. We are very pleased to be able to launch Avarda together with our long standing partner TF Bank, which brings valuable experience and a proven platform for e-commerce payments,” says Lars Wollung, President and CEO Intrum Justitia.

Intrum Justitia holds 49 % of the shares of Avarda and will report its holding applying the equity method. Intrum Justitia has an option to acquire all of TF Bank’s shares during 2020.

Intrum Justitia is Europe’s leading Credit Management Services (CMS) group, offering comprehensive services, including purchase of receivables, designed to measurably improve clients’ cash flows and long-term profitability. Founded in 1923, Intrum Justitia has some 3,800 employees in 20 markets. Consolidated revenues amounted to about SEK 5.2 billion in 2014. Intrum Justitia AB is listed on NASDAQ OMX Stockholm since 2002. For further information, please visit www.intrum.com