Payments tech firm Priority Technology Holdings, Inc. on Friday (Sept. 17) finalized its acquisition of Banking-as-a-Service platform Finxera Holdings, Inc.
“We now have the premier platform to collect, store and send money with a full breadth of payment and virtual banking capabilities,” said Tom Priore, chairman and CEO of Priority, in the joint announcement. “The 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.”
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.
“The adoption of banking and payments across our diverse revenue divisions has already begun,” he said. “Our complete offering of payment authorization, settlement, account ledgering and disbursement of funds sets us apart from traditional merchant acquirers and delivers on our customers’ increasing demands for one-stop payment and banking solutions.”
Even after the Priority acquisition, Finxera shareholders — including funds managed by Stone Point Capital LLC and members of the Finxera management team — will have equity positions in Priority. Finxera Founder and CEO Sanj Goyle and Finxera Co-founder and CTO Praveer Kumar will take on “prominent roles” in their new company.
“We’ve been working closely together for well over a year, and we’re quite far along in the process of becoming one company,” said Goyle in the joint announcement. “Our teams share a combined desire to become the world’s premier partner for payments and banking services, and are excited to leverage our combined assets into new and exciting verticals.”
With Finxera joining Priority, the company is projected to bring in $547-$570 million in revenue this year.
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