Investment company Front Ventures has announced that Citigiro intends, together with Valuno Group and Direct2Internet, to establish a joint venture focused on payment solutions, according to a press release.

The new company will be structured as a Swedish public limited company, with ownership evenly distributed among the parties. Each co-owner is expected to contribute complementary strengths. For Citigiro, this will include financing and regulatory matters.

Front Ventures holds approximately 20 percent ownership in Citigiro.