Epassi enters a major European market by acquiring Incorpore Ltd, the provider of the UK’s largest health and fitness network. Epassi’s digital capabilities combined with Incorpore’s existing set-up enables scaling opportunities for the combined Group. The acquisition expands Epassi’s footprint outside Nordics, setting the Group for accelerated growth.
In 2022 Epassi passed the EUR 500 million GMV (Gross Merchandise Value) mark, representing 40 % growth year-on-year.
The acquisition of Incorpore is the first step in Epassi’s growth strategy in expanding its business outside the Nordics. Through the acquisition, Epassi gains access to Incorpore’s over 2 000 customers, nearly 6 000 gyms and health assessment clinics, and a userbase of 11 million employees in the UK and Ireland.
- During the recent years we have solidified our position as the number one player in the employment benefit market in Northern Europe. Now is the right time to take the next steps and enter new geographical markets. Incorpore's existing portfolio in combination with Epassi's market-leading digital payments platform and scaling capabilities, is a perfect match and foundation to realize our ambitious growth plans. For our clients and partners in the UK, this means new and improved solutions in the future, says Pekka Rantala, Group CEO of Epassi.
The acquisition follows Epassi’s strong growth in both Sweden and Finland. This progress was once again acknowledged by the Financial Times who listed Epassi as one of Europe's fastest growing companies – for the third time in past 5 years and second year in a row. Epassi was among the only one third of companies able to renew their place on the FT1000 list, while also being the 17th largest of all high-growth companies listed.
The key to Epassi’s success as a trailblazer in the Nordics lies in the company’s digital capabilities, strong engagement with users, customers and merchants, and ability to add value and introduce new products to the market rapidly and continuously. Together with Incorpore, Epassi believes to have the right solution to the UK market as well.
- We are all really excited about our new partnership between Epassi and Incorpore. Epassi is a wonderful company with a strong cultural fit. They are one of the fastest growing companies in Europe with everyday wellbeing at the heart of their services. The best way to describe their solution is “one app, all the benefits”. Together we can accelerate the growth of our business in the UK, says James Shillaker, CEO of Incorpore.
Epassi, founded in Finland in 2007, has disrupted the Nordic employee benefit market with a fully mobile approach. Now is the time to do the same in Europe.
- We feel privileged and excited to start our partnership with Incorpore, and we warmly welcome the passionate Incorpore team to the Epassi family. Going forward, we are looking forward to serving our UK clients with even better innovative digital value adding solutions, and to boost the everyday wellbeing of millions of Britons. This is an optimal first step beyond the Nordics on our journey to become a leading pan-European benefit player, concludes Rantala.
CEO, Epassi Group
Epassi, founded in 2007 in Helsinki, is a market leader in employee benefits within the Nordics. The unique and scalable solution drives mobile tech and payment solutions to open-up a world of health and well-being possibilities, combining all benefits in one user-friendly service.
Epassi Group serves nearly 2 million users, over 10 000 employers, and partners with more than 50 000 service providers in the Nordics. Epassi is the leading fintech company in the Nordic countries and has been awarded by the Financial Times as one of the fastest growing companies in Europe in 2019, 2022, and 2023.
Epassi – Boosting everyday well-being.
Incorpore has a userbase of over 11 million employees from more than 2 000 employers and holds the largest health and fitness network in the United Kingdom with over 5 800 gyms and health assessment clinics. Incorpore’s versatile health and wellbeing services are designed to lower sick days, reduce staff turnover, improve corporate image and increase employee productivity. With a 98 % client retention rate, Incorpore truly is a trusted supplier to the UK’s leading benefit providers and the largest supplier of memberships to the nation’s fitness industry.
Incorpore – Health from within.