Fiserv To Purchase Pennsylvania-Based FinTech Pineapple Payments

Fiserv, Inc. has inked a definitive deal to purchase Pittsburgh, Pennsylvania-based Pineapple Payments. Fiserv said the deal is anticipated to close in Q2 2021 and is “subject to customary approvals and closing conditions.” Financial terms of the arrangement were not made public, according to a Thursday (March 25) announcement.

Fiserv said it would keep offering payment processing services to Pineapple Payments merchants, while “enhancing its seamless delivery of an array of customer-focused, innovative solutions,” according to the announcement.

The firm also said that the deal will grow the reach of its payment offerings such as the CoPilot partner platform, Clover and Clover Connect via Pineapple Payments’ distribution channels.

“With Pineapple Payments already operating as a key distribution partner of Fiserv, we expect to accelerate the delivery of new and innovative capabilities to a host of new merchant clients,” Fiserv President and Chief Executive Officer Frank Bisignano said in the announcement. “Together, we will provide omni-channel payments technology and services to enable merchants to maximize the potential of electronic payment processing.”

Pineapple Payments, which was established in 2016, offers payment processing, unique technology and omnichannel payment acceptance offerings for small and medium-sized businesses (SMBs) in addition to integrated software vendors (ISVs). As it stands, the firm works with over 25,000 merchants.

“Pineapple Payments’ mission is to add value to the payments experience through simple, secure and scalable solutions. Based on our existing relationship, we believe Fiserv is the ideal partner to take that mission to the next level and beyond,” Pineapple Payments Chief Executive Officer Brian Shanahan said in the announcement.

Fiserv works in a number of different areas from acceptance to FinTechs and digital banking. As it released its Q4 and full-year earnings in February, it became clear that those digital-first capabilities were the star of the show in 2020 and will be in 2021.

Specifically, the firm highlight many of its digital products at the time such as its new acquisition of the digital card services platform Ondot.