Sella Open Fintech Platform (SOFP), the fintech arm of Italy’s Gruppo Banca Sella, has agreed to acquire mobile financial services firm Vipera for a cash consideration of £24m ($33.5m).

The offer price of 7.5 pence per share represents a premium of 20% to its mid-market price at the end of trading on 21 March 2018.

Vipera, which was founded in 2005, offers mobile banking, card management and customer engagement platform to financial companies.

It serves its customers, which includes Mashreq, has offices in London, Milan and Zurich.

The London Stock Exchange listed company employs 125 people and has three million registered users.

Commenting on the deal, Vipera chairman Luciano Martucci said: “Gruppo Banca Sella has been a valued customer of Vipera for some time and a shareholder since July 2017. I am pleased that our increasingly close relationship has led to our shareholders being offered a fair price and to Vipera’s businesses being able to develop as part of the SOFP Group.”

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At FinovateEurope 2018, Vipera collaborated with Mastercard to introduce a mobile payment solution called SME-pay, which is designed particularly for small and medium sized businesses.