Dintero becomes a direct visa/mastercard acquirer: challenging the established payment giants
Dintero has been approved as an acquirer for Visa and Mastercard after a three-year process. This makes the Norwegian fintech company a direct, technology-driven challenger to established payment companies and marks a turning point for fintech innovation in the Nordics.
Dintero, led by founder Daro Navaratnam (43), has obtained a license to process and complete Visa and Mastercard transactions itself. The company thus becomes one of very few players in the Nordics to own the entire payment chain from the point-of-sale to the card networks, a position that requires significant capital guarantees and adherence to stringent regulatory requirements.
More innovation and speed
The acquirer role has traditionally been reserved for large banks and established financial institutions. For many payment providers in the market, including players like Vipps MobilePay and most Nordic checkout providers, the use of third parties (acquirers) is still required to complete Visa and Mastercard payments.
With the new license, Dintero removes this intermediary.
“This is huge for us. We are no longer dependent on waiting for a third party to create innovation. Instead, we can now develop solutions ourselves and give customers access to the latest from Visa and Mastercard, without having to wait for a traditional player to get it into their development roadmap,” says Daro Navaratnam, founder and CEO of Dintero.
Visa and Mastercard welcome Dintero
The two card networks welcome Dintero into the exclusive acquirer role:
“We are proud to support Dintero as Norway’s first new acquirer in over 20 years. This milestone brings more innovation and healthy competition to the market, empowering merchants with secure, future-ready payment solutions that benefit consumers and the local economy”, says Bente Iren Josefsen, Country Manager for Visa in Norway.
“Mastercard is pleased to welcome Dintero as an acquirer in the Norwegian market. It’s always inspiring to see new, innovative companies who combine technological innovation with a strong focus on user needs. We look forward to following Dintero’s journey,” says Inge Kjønnøy Country Manager Norway.
Ready for international scaling in the Nordics and EU
Dintero's annual processed transaction volume is growing rapidly and approaching a double-digit billion NOK figure. The company, which is on track to deliver at least 170 percent growth in transaction volume this year, views the acquirer role as critical to achieving its ambitions in the Nordics and Europe.
“We have built a technology that is faster and more flexible than what traditional players offer. Owning the acquirer role gives us control over costs, data, development speed, and innovation. This means we can create entirely new customer journeys that were previously difficult to realize. Our customers thus get the opportunity to think more creatively about how they best meet current and future demands. We are now in a position to take on the largest customer cases and fight against all the established giants,” Navaratnam continues.
The company already has permission from the Norwegian Financial Supervisory Authority (Finanstilsynet) to offer payment services throughout the EU and EEA. The new acquirer approval is a crucial milestone that significantly strengthens Dintero's competitiveness, particularly within the enterprise segment. Now, Dintero can also process card transactions directly and at scale in all these European markets.
Unified Commerce: Next-generation customer journeys
Dintero has already demonstrated its ability to deliver complex payment solutions, most recently through the agreement with Vy to develop next-generation door-to-door-payments for public transport. With the new acquirer role, the company is now shifting its ambitions to Unified Commerce, the next-generation payment platform, which goes far beyond standard Omnichannel.
While Omnichannel is often silo-based and about presenting a consistent experience in all channels, Unified Commerce means that all data, payments, and logic are also unified in one single system. This is critical, among other things, to meet customer demands for flexibility in purchases and returns across physical and digital channels. Through a single integration, Dintero can now create a complete and coherent experience for all sales channels and fully leverage the benefits of cross-channel commerce.
Dintero will now expand its presence with its own payment terminals and develop Unified Commerce-solutions at the intersection of physical retail and e-commerce.
“This is just the beginning. Now that we have control over the entire chain, we have the opportunity to create the best and most innovative solutions in the industry,” Navaratnam concludes.
For further information:
[Daro Navaratnam] [CEO] [daro@dintero.com]
About Dintero
Dintero is a Norwegian fintech company that delivers payment solutions for e-commerce, platforms, marketplaces, and physical retail. The company is authorized as a payment institution and now holds a full acquirer license for Visa and Mastercard. Dintero's investors include Schibsted Ventures and Bring Ventures, and it challenges the established payment giants with its modern and flexible technology.