Epassi Group, one of Europe’s fastest-growing players in digital employee benefits, is preparing for a major leadership shakeup: Moonpig Group’s Nickyl Raithatha will step in as CEO in 2026, taking over from longtime leader Pekka Rantala—the executive who transformed Epassi from a Nordic niche platform into a pan-European heavyweight.
The announcement may sound like a standard succession move, but the timing and context tell a much bigger story. Epassi isn’t just refreshing the org chart—it’s gearing up for a new competitive era in HR tech, benefits digitization, and employee wellbeing platforms that are rapidly consolidating across Europe.
And given Raithatha’s history of scaling consumer-driven digital marketplaces, the hire suggests Epassi wants more than steady growth. It wants to dominate.
From Nordic Upstart to Multinational Benefits Engine
When Rantala joined Epassi in 2019, the company was a 68-person team with €8 million in revenue, operating only in Finland and Sweden. Fast-forward to today: Epassi operates in 10 countries, employs 1,000 people, and expects €200+ million in net revenue by 2025.
Growth has come in two flavors:
• Strong organic expansion, driven by the rising demand for flexible, digital, and mobile-first employee benefits
• Strategic acquisitions, backed by heavyweight investors TA Associates and Warburg Pincus
Epassi’s platform now spans meal benefits, commuting subsidies, wellbeing perks, recreational packages, and a suite of SaaS tools targeting HR teams seeking simplicity among increasingly fragmented benefits ecosystems.
If the last decade of benefits innovation revolved around point solutions, the next decade is about consolidation—and Epassi is positioning itself as the “one-stop platform” for Europe.
Why Bring in Raithatha?
Because he knows how to scale—fast.
At Moonpig Group, Raithatha didn’t just grow a digital greeting card company. He turned it into a global e-commerce engine. Under his leadership:
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Revenue quadrupled to £350 million
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EBITDA increased fivefold to £97 million
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The company expanded into five countries
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Moonpig completed a £1.4 billion IPO
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And, crucially, the company built a scalable tech and data platform capable of handling seasonal demand surges and high-volume personalization
It’s not a one-to-one comparison to the HR tech market—but the toolkit is similar: multi-market expansion, platform unification, network effects, and operational discipline. For a company like Epassi, which thrives on large partner networks, employer adoption, and user frequency, this kind of experience is a strategic asset.
Raithatha himself framed it simply:
“I’m thrilled to be joining Epassi at such an exciting moment. The progress the team has made in building a multi-product, multi-geography business is remarkable.”
Translation: The foundation is built. Now it’s time to scale.
Outgoing CEO Pekka Rantala Leaves a Mark—And Stays in the Room
Rantala isn’t disappearing. He’ll transition into the role of Non-Executive Chair, ensuring continuity for the company he helped transform.
His comments in the announcement highlight just how far Epassi has come:
“Today, we serve customers in ten European countries, with 67% of our revenue generated outside the Nordics.”
That geographic mix is a telling metric—it shows Epassi is no longer dependent on its home market, a critical sign of maturity for SaaS platforms expanding continent-wide.
To Rantala’s credit, the company managed to expand its product portfolio, diversify revenue streams, and maintain strong profitability in a labor market where employers are spending more on wellbeing, mental health, and retention-driven perks.
He also gave his full endorsement of Raithatha:
“I could not be happier or prouder that it is exactly Nickyl who will continue to lead Epassi’s remarkable growth journey.”
Leaders don’t typically heap praise unless they believe the strategy is aligned—and the investors agree.
Why This Move Matters for the European HR Tech Market
The European digital benefits market is heating up. Companies like Edenred, Pluxee, Cobee, Benify, and Coverflex are all racing to become the preferred, unified platform for employers frustrated by administrative overhead and rising employee expectations.
Three big trends are shaping the playing field:
1. Benefits Are Becoming a Must-Have, Not a Nice-to-Have
Employers across Europe are using benefits to tackle retention issues, hybrid-work burnout, and wellbeing challenges. Digital-first, mobile-ready platforms are winning the budget wars.
2. Consolidation Is Accelerating
Point solutions are dying off or getting absorbed. Multi-product platforms—Epassi included—are becoming the norm.
3. Cross-Border Benefits Are a Growing Demand
With distributed teams spanning multiple countries, HR leaders need benefits that scale in compliance-heavy environments. Few platforms can do that well, and those who can are gaining ground quickly.
Epassi is already one of the few with a multi-country footprint and proven acquisition strategy. Raithatha’s arrival could amplify both.
What to Expect Under Raithatha’s Leadership
While it’s too early for formal strategy, Raithatha brings predictable strengths that often shape go-to-market roadmaps in digital ecosystems:
More aggressive expansion
Expect Epassi to accelerate market entries beyond its existing set of 10 countries.
Stronger network effects
Moonpig’s rise was built on platform efficiencies. Applying similar logic to Epassi—more merchants, more employers, more users—could be powerful.
A deeper push into embedded finance and payments
Epassi already handles large volumes of benefit-related transactions. There’s clear room for innovation in payments, wallets, and cashback systems.
A more standardized tech stack across Europe
Multi-country HR tech platforms often struggle with fragmentation. Rationalizing the tech foundation will be key to achieving real scale.
Potential pre-IPO positioning
Let’s not ignore this: Raithatha has already taken a company public. Investors love that.
If Epassi plans a listing in the next few years, this hire makes strategic sense.
The Bottom Line
Epassi didn’t just hire a new CEO—it signaled a bold intention to become Europe’s dominant digital employee benefits platform. Bringing in a scale-up veteran like Nickyl Raithatha positions the company to push harder into new markets, capitalize on consolidation trends, and shape what the next era of European benefits technology looks like.
Rantala built the foundation. Raithatha seems to be the one tasked with turning it into the skyscraper.
For HR teams, the message is clear: The employee benefits stack is changing fast. And Epassi is betting it can shape the future rather than follow it.
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