Malta-Based Payment Company Finaro Acquired For Over €500 Million By US Leader Shift4
A Malta-based payment company has been acquired for a whopping $575 million (around €518 million).
Global cross-border payment provider and fully licensed bank by the Malta Financial Services Authority (MFSA) Finaro, formerly known as Credorax, has been bought up by Shift4, the companies announced, with the acquisition aimed at expanding their services and providing global merchants a “complete offering and a multi-dimensional processing experience unlike any other”.
The combined offering of both companies creates complimentary synergy of a global payments powerhouse with significant card-present and card-not-present expertise across a range of verticals serving large, complex merchants with unique solutions,” the companies said in a joint statement.
“Together, Finaro and Shift4 will be better positioned to provide merchants with the best-in-class global omni-channel payment solution and stand alongside some of the biggest players in the payments industry, including Adyen, Nuvei and WorldPay.”
“This acquisition underscores our aggressive efforts to deliver a unified commerce experience across the world. This deal clearly shows our ability to support existing transformational and global customers like SpaceX Starlink and St. Jude Children’s Research Hospital,” said Shift4 CEO Jared Isaacman.
Finaro will provide the global infrastructure and cutting-edge technology needed to drive Shift4’s international ambitions to deliver a unified commerce experience.
The Finaro team
By integrating Finaro’s capabilities, Shift4 will be able to expand the company’s current services around the world, including its next-generation SkyTab POS solution, Shift4Shop eCommerce platform, and VenueNext stadium offering.
Shift4 also has more than 425 software integrations and over 200,000 merchant customers, many of which have a multinational presence and provide immediate international opportunities that can now be unlocked as a result of this acquisition.
“This acquisition emphasises that we have accomplished what we set out to achieve – building reliable payment processing capabilities that are truly limitless in reach and scale. Being able to apply this technology to SpaceX’s Starlink program and others similar in scope, while also offering our merchants and partners around the world a broader range of products and services, is the realisation of this goal in the most concrete manner, and we are thrilled to join the Shift 4 team,” said Igal Rotem, CEO of Finaro.
Credorax Bank Limited trading as Finaro, is a credit institution licensed by the Malta Financial Services Authority (MFSA)
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