Synovus Bank Invests in Qualpay for Embedded Finance Platform

Genstar Capital Invests in AffiniPay; TA Associates Retains Stake as Apax Exits

July 17, 2024

Payments & Fintech

Genstar Capital has agreed to make a significant investment in AffiniPay, a provider of practice management software and embedded payments for legal, accounting, and professional services firms. TA Associates will remain a meaningful investor while funds advised by Apax will fully exit; the capital will be used to extend AffiniPay's product suite and accelerate growth across new products and verticals.

Fortis Acquires SmartPay to Strengthen Embedded Payments Capabilities

June 22, 2023

Payments & Fintech

Fortis, a US-based embedded payments and commerce technology provider, has acquired SmartPay, an embedded payments solution provider with strong ERP and enterprise software relationships. The acquisition will add SmartPay’s team and customer relationships to Fortis and expand its capability to serve software platforms, marketplaces and scaling businesses, coinciding with Fortis’ launch into Canada and new settlement features.

LSQ Acquires Qwil

May 26, 2022

Payments & Fintech

LSQ, a provider of working capital finance and payments solutions, has acquired Qwil, a San Francisco-based fintech offering embedded early-payment and AP automation solutions for the contingent staffing market. The acquisition brings Qwil’s embedded finance platform and integrations together with LSQ’s funding, underwriting and payments scale to expand capabilities for staffing and professional services clients.

FIS Acquires Payrix from PSG and Blue Star Innovation Partners

February 13, 2022

Payments & Fintech

FIS has acquired Payrix, an embedded payments fintech that enables SaaS platforms to embed payments and financial services for SMB merchants. Payrix was sold by an investor group led by PSG (Providence Strategic Growth) and Blue Star Innovation Partners; terms were not disclosed. The deal expands FIS's embedded payments, onboarding and automated underwriting capabilities to accelerate its e-commerce and platform offerings for SMBs.

KeyBank Acquires XUP Payments

November 22, 2021

Financial Services

KeyBank National Association (KeyCorp) has acquired XUP Payments, a Charlotte-based B2B payments and Banking-as-a-Service platform. KeyBank will integrate XUP's onboarding, integrations, and payments technology to enhance its commercial payments capabilities and advance its embedded banking strategy.

Quext Acquires Majority Stake in Viva Equity

July 13, 2021

Payments & Fintech

Quext, a Lubbock-based proptech platform, acquired a majority stake in fintech Viva Equity to integrate Viva's digital banking products (Viva First and Relm) and embedded finance capabilities into Quext’s multi-family property management platform. The deal aims to improve resident financial inclusion—particularly for Latino, student and underserved renter communities—while reducing operating costs for multi-family operators through embedded payments and banking features.