M&A activity picks up steam this past couple weeks with several new deal announcements occurring across the payments industry. To kick things off, Priority Technology announced last week that they are the stalking horse bidder to acquire all assets of Plastiq, a B2B payments platform geared towards SMBs. This acquisition will largely build upon Priority’s existing B2B product suite, primarily their CPX Automated Payables and Passport offerings. This deal is ultimately the result of Plastiq entering Chapter 11 Restructuring, which they filed last week. As such, this purchase agreement is pending approval from Bankruptcy Court and is subject to higher and better offers that Plastiq may receive. Separately, Fifth Third announced their acquisition of Rize Money, an embedded payments platform, for an undisclosed sum. This acquisition supports Fifth Third’s focus towards embedded payments across their Treasury Management business, which is projected to generate $130 million in revenue this year.
In other M&A news, Preludd Payment Services, a payments gateway based in France, has acquired the SoftPOS provider Amadis for an undisclosed sum. This acquisition enables Preludd to expand into the North American market as well as enable them to offer new payment capabilities to their existing customer base.