Payments tech firm Priority Technology Holdings, Inc. on Friday (Sept. 17) finalized its acquisition of Banking-as-a-Service platform Finxera Holdings, Inc.
âWe now have the premier platform to collect, store and send money with a full breadth of payment and virtual banking capabilities,â said Tom Priore, chairman and CEO of Priority, in the joint announcement. âThe Priority suite of services is truly unique and differentiated, as Priority becomes one of a handful of companies with nationwide money transmitter licensing that allows us to act as a fully licensed custodian of funds for consumers and enterprises.â
The Finxera acquisition is another step for Priority toward achieving its long-term vision of meeting banking and payments needs for people in all financial situations, said Priore.
âThe adoption of banking and payments across our diverse revenue divisions has already begun,â he said. âOur complete offering of payment authorization, settlement, account ledgering and disbursement of funds sets us apart from traditional merchant acquirers and delivers on our customersâ increasing demands for one-stop payment and banking solutions.â
Even after the Priority acquisition, Finxera shareholders â including funds managed by Stone Point Capital LLC and members of the Finxera management team â will have equity positions in Priority. Finxera Founder and CEO Sanj Goyle and Finxera Co-founder and CTO Praveer Kumar will take on âprominent rolesâ in their new company.
âWeâve been working closely together for well over a year, and weâre quite far along in the process of becoming one company,â said Goyle in the joint announcement. âOur teams share a combined desire to become the worldâs premier partner for payments and banking services, and are excited to leverage our combined assets into new and exciting verticals.â
With Finxera joining Priority, the company is projected to bring in $547-$570 million in revenue this year.
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