Dollar Financial, a US-based diversified financial services company, has agreed to acquire Folkia Group, a Scandinavian internet lending business with headquarters in Stockholm, Sweden.

The purchase price is expected to be approximately $28m, with a potential for future earn-out payments depending on the growth of the acquired business over the next two years following the closing of the transaction.

Founded in 2006, Folkia currently originates loans through both internet and SMS text cell phone technology in Sweden, Finland, Denmark and Estonia.

Dollar Financial chairman and CEO Jeff Weiss said that this acquisition provides his company with an internet and cell phone based lending platform that was designed to handle the specific requirements for expansion within Northern Europe and Scandinavia.