Priority Technology Holdings Merges with Finxera to Create Unparalleled Payment Infrastructure as a Service
Priority Technology Holdings, Inc. Finxera Holdings, Inc. | March 09, 2021
Priority Technology Holdings, Inc., today announced that it merged with Finxera Holdings, Inc. to launch the first Banking as a Service ("BaaS") platforms. They have entered into a definitive agreement to merge where Finxera will operate as a wholly-owned subsidiary of Priority. The transaction platform is expected to start in the third quarter of 2021. Priority Technology Holdings, Inc is a leading payments technology company. Finxera Holdings, Inc. ("Finxera") is a pioneer in the fintech industry.
Priority's omnichannel payments platform is labeled to support proprietary and third-party software applications built for businesses of any size. Priority's provides modern cloud infrastructure and operational expertise. The combination is made to deliver unparalleled Payment Infrastructure as a Service ("PaaS") to organizations with complex payment operation needs, including underwriting, low friction merchant boarding, risk management, and compliance monitoring.
Finxera's BaaS technology allows the rapid integration of banking services into business applications to establish and manage bank accounts for the storage, collection and sending of money. When these are combined, Priority will offer clients payment facilitation, turn-key merchant services, automated payables, card issuing, virtual banking, and e-wallet tools. As these are supported by its best-in-class client service, underwriting, risk management, and compliance.
On this, Tom Priore, Chairman and Chief Executive Officer of Priority, mentions that the Finxera acquisition accelerates Priority's position as a market leader in the convergence of payments and banking as a service. Further, he added that the combined platform would be equipped to make payments on a card, ACH, or blockchain. These will manage all aspects of payment operations, such as risk, onboarding, compliance, and client service. Together it will be a one-stop-shop for payments and virtual bank account management that today's merchants and modern software companies seek to manage and monetize their payment networks efficiently.
About Priority Technology Holdings, Inc.
Priority is a leading provider of merchant acquiring, integrated payment software and corporate payment solutions, offering unique product and service capabilities to its merchant network and distribution partners. Priority's enterprise operates from a purpose-built payments infrastructure that includes tailored customer service offerings and bespoke technology development, allowing Priority to provide end-to-end solutions for payment and payment-adjacent software.
About Finxera Holdings, Inc.
Finxera operates the leading BaaS platform that allows enterprises to rapidly incorporate banking and payment services into their applications. Its API driven approach has enabled the integration into one platform all aspects of banking and payments, including account opening, reconciliation, sub account ledgering, ACH, checks, wires, and card issuance. Using the Finxera BaaS, enterprises are able to collect, store and send money in a simple, secure and compliant manner, including those involving complex financial regulatory frameworks.