Payments & Fintech Acquisitions in 2022

PayProp, a cloud payments and reconciliation platform for the property management industry, raised a significant growth investment from a consortium including Accel-KKR, Rational Expectations, BetterHome, and participation from founders and management. The funding will support product innovation, infrastructure build-out and expansion into new and existing markets including the UK, South Africa, Canada and the United States.

TreviPay, a global B2B payments and invoicing network based in Overland Park, Kansas, has signed a definitive agreement to acquire Apruve, a trade-credit automation and pay-by-invoice platform. The acquisition expands TreviPay's order-to-cash capabilities and deepens its presence in the manufacturing vertical and key international markets.

NMI has acquired the payments solutions business of Agreement Express, adding onboarding, underwriting, KYC/AML and risk monitoring capabilities to its commerce enablement platform. Frontier Growth will retain Agreement Express's wealth management arm; terms were not disclosed.

JG Wentworth has acquired the digital consumer lending platform and related assets from San Francisco-based fintech Stilt Inc. The deal provides JG Wentworth with Stilt's lending and servicing technology, proprietary credit datasets and underwriting capabilities to accelerate its entry into consumer lending and begin originating loans in 1H 2023.

Swiss-headquartered Komgo has acquired GlobalTrade Corporation (GTC), combining their trade finance digitization platforms to create a larger, global offering for corporates and banks. The combined business will offer broader coverage and complementary capabilities across the full range of trade finance instruments and workflows.

La Française des Jeux (FDJ) has completed the acquisition of Aleda, a France-based provider of point-of-sale (PoS) systems and payment/processing solutions. The transaction closed following conditional approval from the French Competition Authority on November 14, 2022, and strengthens FDJ’s control of its retail distribution and payment processing capabilities.

Fortis, a leader in embedded payments for software providers, has acquired Payment Logistics, a payment technology company based in La Jolla, California. The deal expands Fortis' embedded payments partnerships and technology stack, bringing Payment Logistics' team and integrations into Fortis to accelerate capabilities for retail, hospitality and software partners.

Opn has acquired MerchantE, a leading end-to-end payments and commerce platform headquartered in Alpharetta, Georgia, from Integrum. The combined business processes over $19 billion in payments for more than 20,000 customers and will expand Opn's footprint into the U.S. while MerchantE retains its headquarters and brand.

Bluefin, a payments security and encryption provider based in Atlanta, has acquired TECS Payment Systems, an Austria-based omnichannel payments platform provider. The deal combines Bluefin’s PCI-validated encryption and tokenization capabilities with TECS’ smartPOS, gateway and international payments capabilities to expand product functionality and global reach.

International Money Express, Inc. (Intermex) completed the acquisition of Envios de Valores La Nacional Corp., paying $42.3 million in cash plus up to $2.4 million of contingent consideration, strengthening its remittance footprint to the Dominican Republic and other Latin American corridors. Intermex also announced a related transaction to acquire LAN Holdings Corp., which includes Spain-based I-Transfer Global Payments, expanding Intermex’s reach into Europe and increasing its global footprint to more than 70 countries.

Tyler Technologies has signed a definitive agreement to acquire Rapid Financial Solutions for approximately $68 million in cash and Tyler stock. Rapid, a Logan, Utah-based payments platform provider with more than 1,500 customers in courts, county offices and correctional facilities, will join Tyler's Payments business unit within the NIC Division to expand Tyler's payment disbursement and card issuance capabilities for government clients.

FTV Capital led a $110 million growth equity investment in ConnexPay to support the payments technology company's international expansion and product enhancements. The funding will help ConnexPay extend its unified acquiring-and-issuing payments platform into new geographies and verticals, with FTV taking a board seat and previous investors also participating.

J.P. Morgan Payments made a strategic growth investment in Sightline Payments to support development of an integrated omnichannel payments solution for resort and online gaming operators. The deal strengthens a partnership to expand Sightline's Play+ cashless and wallet offerings across the gaming, resort, and entertainment ecosystem.

Circle has acquired Elements, a developer-first payments orchestration platform, to accelerate its crypto payments roadmap and make it easier for merchants to accept USDC and other crypto payments. The deal will let Circle scale payments offerings, integrate merchants' existing PSP relationships, and deliver payment APIs and SDKs to lower the barrier of entry for merchants and developers.

EQT Private Equity (via its EQT X fund) has signed a definitive agreement to acquire BTRS Holdings Inc. (Billtrust), a B2B accounts receivable automation and integrated payments leader. The transaction represents a PE buyout of the Nasdaq-listed company to accelerate growth and expand capabilities in AR automation and payments.

Nexo has acquired a minority stake in Hulett Bancorp (doing business as Mode Eleven) and its federally chartered subsidiary Summit National Bank, establishing Nexo as the bank's preferred digital-asset partner. The investment expands Nexo's U.S. footprint and enables it to offer bank accounts, lending, card products and custodial solutions through Summit National Bank while supporting the bank's transformation into a modern digital FinTech.

Banc of California acquired the payments platform and technology assets of Global Payroll Gateway, Inc. and its subsidiary Deepstack Technologies for $24 million in cash and stock. The acquisition, which brings Deepstack's team (11 employees) and IP into Banc of California, expands the bank's payments capabilities and aims to grow fee-based, non-interest income.

PostePay S.p.A. – Patrimonio Destinato IMEL completed the acquisition of International Game Technology PLC’s (IGT) Italian proximity payment business from IGT Lottery S.p.A. for €700 million (enterprise value €630 million plus ~€70 million net unrestricted cash). IGT said it will use the proceeds primarily to pay transaction expenses and reduce debt.

Bottomline has acquired Nexus Systems, a provider of accounts payable and payments automation software for the real estate and property management industries. The deal—from prior investor Mainsail Partners—will fold Nexus capabilities and suppliers into Bottomline's Paymode‑X network to extend procure‑to‑pay and B2B payments capabilities across the real estate vertical; terms were not disclosed.

Aurora Payments, a Tempe/Las Vegas-based payment technology company, has acquired One Payment, a Florida-based fintech payments provider that serves over 6,000 merchants and processes more than $1 billion in annual volume. The deal expands Aurora's East Coast distribution, merchant portfolio and processing scale to accelerate its go-to-market capabilities for small and medium-sized businesses.

Bnk To The Future has signed a non-binding letter of intent to acquire SALT, the Denver-based crypto-backed lending platform. The combined business aims to create a regulatory-compliant crypto securities and lending offering to support distressed crypto lending platforms and expand Bnk To The Future's product capabilities.

PayLink Direct, a Chicago-based payment plan and receivables management provider, has acquired Budco Financial (Detroit, MI), a specialist in automotive payment-plan program management, from ScaleCo. The transaction expands PayLink Direct's payment-plan capabilities and client footprint across OEMs, dealerships and service contract administrators.

Evolv, Inc. (via its Evolv St. Louis office) completed a capital investment and acquisition of 253 Payment Pros, a merchant services/ISO business based in Kirkland, Washington. The deal brings 253 Payment Pros' merchant base and independent sales network into Evolv's platform and will integrate Evolv's digital marketing solutions to drive revenue growth across the western United States.

ConnectWise has acquired Wise-Sync, a payments automation and integrated payment processing platform (Wise‑Pay) that integrates with ConnectWise Manage and ConnectWise Sell. The deal brings payments and accounts‑receivable automation capabilities into ConnectWise's IT solution provider software suite, enabling partners to automate invoice lifecycle and payment collection.

ParkHub, a Dallas-based parking software and payments provider, has acquired Fuzse, a Dallas payments integrator founded by Lane Conner. The deal brings payments integration capabilities and payment-driven customer insights into ParkHub's parking management and payments platform to expand its payments innovation and product capabilities.

Givex Information Technology Group Ltd. has completed the acquisition of all outstanding shares of UK-based Counter Solutions Holdings Ltd. The deal adds Counter Solutions’ WAY2PAY self-service and smart-refrigeration capabilities to Givex’s POS, kiosk and payments platform, expands Givex’s footprint in the UK/Europe and will be paid through a mix of cash, debt and Givex shares.

Central Payments completed a $30 million growth equity raise led by Castle Creek Capital with additional investment from Launchpad Capital, enabling the fintech to spin out from Central Bank of Kansas City. Proceeds will fund technology, product, and staffing investments as the company scales its Open*CP API marketplace and prepaid card issuance business; the bank will remain an investor and strategic partner.

Jack Henry & Associates has entered into a definitive agreement to acquire Payrailz, a Glastonbury, Connecticut–based cloud-native, AI-enabled digital payments platform, to expand its payments capabilities. The acquisition strengthens Jack Henry's payments-as-a-service strategy by adding real-time P2P, bill pay, A2A, and other next-generation payment capabilities; financial terms were not disclosed.

Plastiq Inc., a B2B payments platform for small and midsize businesses, has entered into a definitive merger agreement with special purpose acquisition company Colonnade Acquisition Corp. II to take Plastiq public. The combined company will operate as Plastiq with an implied enterprise value of approximately $480 million at closing and is expected to add about $320 million of cash to the balance sheet to support organic and inorganic growth.

Convenient Brands, a Draper, Utah-based platform and portfolio company of The Beekman Group, has acquired Dealer Pay, LLC, a St. Louis-area provider of web-based payments and point-of-sale software for automotive dealerships. The transaction includes a strategic growth investment to accelerate product development and expand Convenient Brands' automotive payments and software offering.

Paystand, a U.S.-based blockchain-enabled B2B payments provider, has acquired Mexico-based Yaydoo, a leader in accounts payable, spend management, and cash-flow solutions in LATAM. The combined company will integrate AR and AP capabilities to create a single commercial blockchain-based B2B payments network across the Americas, expand market reach in the U.S. and LATAM, and aims to scale toward an IPO.

Ageras Group has acquired Kontist, a Berlin-based neo-bank focused on freelancers and microbusinesses, to expand its fintech and accounting product suite into Germany. The deal adds Kontist's ~150 employees and banking/tax automation capabilities to Ageras' ecosystem, boosting Ageras' run-rate revenue and reinforcing its position as an integrated financial cockpit for small businesses.

PSG (Providence Strategic Growth) has made a strategic growth equity investment in Fidelity Payment Services, the operator of the Cardknox omni-channel payments platform. Existing investor H.I.G. Growth Partners sold its majority stake but coinvested in the deal and will remain a minority shareholder; proceeds will support Fidelity's go-to-market acceleration and M&A plans.

Buckaroo has signed an agreement to acquire a majority stake in SEPAY, a Benelux point-of-sale payment solutions provider headquartered in The Hague, with support from Keensight Capital. The transaction expands Buckaroo's omnichannel payments offering and strengthens its SME and retail footprint across the Benelux and Germany; completion is subject to customary closing conditions and regulatory approval.

EVERTEC, Inc. has completed the acquisition of 100% of the outstanding shares of BBR SpA, a Santiago-based payment solutions and business technology company, for CLP 48,600 million (approximately USD $53 million). The announcement also confirmed extensions and modifications to commercial agreements between EVERTEC and Banco Popular of Puerto Rico (Popular), while the BBR acquisition expands EVERTEC's footprint in Latin America (Chile and Peru).

An affiliate of Peak Rock Capital made a strategic growth investment in Passport Technology to provide capital and strategic support for the payments- and gaming-focused technology provider. The investment will help Passport expand its customer base, develop new technology-enabled products and services, and pursue additional strategic partnerships as it scales across additional end markets.

RF Investment Partners completed a growth capital investment in Allied Payment Network, a Fort Wayne, Indiana-based provider of online and mobile payment solutions for banks and credit unions. The financing will support Allied's product innovation and expansion to help financial institutions acquire and retain account holders.

Kofax has acquired Tungsten Corporation, a global B2B e-invoicing and invoice-to-pay network, to expand its cloud invoicing and accounts-payable automation capabilities. The acquisition brings Tungsten's supplier onboarding, e-invoice exchange and payment processing capabilities and its workforce (reported >227 employees) into Kofax's Intelligent Automation platform to support customers' end-to-end order-to-cash and invoice-to-pay journeys.

Business Warrior Corp. (OTC: BZWR) acquired Alchemy Technologies, a global FinTech SaaS company, in a deal valued at $8.75 million (cash, preferred stock and restricted common stock). The acquisition adds Alchemy’s cloud-native lending and embedded financing platform and its engineering team to Business Warrior’s marketing and lending product suite, expanding the company’s FinTech capabilities and international reach.

Swedish payments platform Trustly AB has acquired UK open-banking payments provider Ecospend Technologies Ltd to strengthen and accelerate its UK expansion. Ecospend — an FCA-regulated PISP/AISP with strong UK bank connectivity and public-sector clients including HMRC — will complement Trustly’s account-to-account capabilities; financial terms were not disclosed and the deal is subject to regulatory approvals.

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.

Lateral Investment Management has made a $35 million growth equity investment in FirstClose, a fintech provider of underwriting workflow automation, point-of-sale software, and data services for mortgage and home equity lenders. The funding will be used to accelerate product development, expand sales and customer success teams, and pursue organic growth and potential acquisitions to broaden FirstClose’s footprint across the U.S. lending market.

Thoma Bravo completed an all-cash acquisition of Bottomline Technologies for approximately $2.6 billion, taking the payments software company private. Thoma Bravo said it will leverage its capital and operating expertise to accelerate Bottomline’s product innovation and global growth while Bottomline appointed Craig Saks as CEO.

KeyBank has acquired GradFin, a fintech specializing in Public Service Loan Forgiveness counseling and student loan advisory solutions. The acquisition expands KeyBank's digital and niche advisory capabilities, integrating GradFin's high-touch advisory offerings for individuals, financial advisors and employers into Key's product suite.

Global Blue Group Holding AG agreed to a $225 million strategic growth equity investment from CK Opportunities (co-managed by Certares and Knighthead). The capital — $180 million in Series B preferred and $45 million in common stock — will give the investor just over 13% on a fully diluted basis and will be used to fund working capital and pursue strategic add-on acquisitions in omnichannel retail technology.

Nexa Equity has acquired a majority stake in Choice Inc., a San Francisco-based omnichannel payments platform. Concurrently, Choice acquired Pennsylvania-based Direct Payment Consultants to expand its merchant-facing capabilities, bringing the combined platform to more than $3 billion in annual payments volume across 7,000+ customers in the United States and Canada.

Payroc WorldAccess (Payroc), a PE-backed global payments acquirer, has acquired Worldnet, a provider of unified omnichannel payments gateway solutions for ISVs. The deal — completed with support from Payroc’s sponsor Parthenon Capital — expands Payroc’s embedded payments and ISV capabilities and brings Worldnet’s online, in‑store, unattended, and mobile payment technology onto Payroc’s platform.

Esker made a strategic equity investment in partner LSQ via a USD 5 million convertible promissory note to strengthen their partnership and accelerate development and commercial expansion of supply chain finance solutions. The investment expands Esker's Esker Pay fintech offerings and supports joint supply chain finance and AP financing initiatives between the two companies.

Robinhood has signed an agreement to acquire UK-based electronic money institution and cryptoasset firm Ziglu Limited, subject to regulatory approvals. The acquisition will help Robinhood accelerate its international expansion into the UK and Europe and bring Ziglu's crypto, debit-card and e-money capabilities onto the Robinhood platform.

Layer-2 blockchain platform Coinweb has acquired FINTRAC-registered OnRamp Technologies Limited, a Canadian money services business, to obtain Canadian fiat rails and MSB permissions. The acquisition enables Coinweb to offer virtual currency exchange and transfer services in Canada and supports the platform's regulated launch into North America.