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TransactionWatch – Week of March 8th – March 12th

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Momentum continues to make way in the merchant acquiring industry as a few notable transactions were announced this past week. First off, Priority Technology announced its intention to acquire Finxera, a leading Banking-as-a-Service (BAAS) platform. The acquisition was paid with $375 million in cash and $50 million in stock, for a total consideration of $425 million. Following the transaction, the combined company is expected to bring in approximately $540 million in full year 2021 revenue and $130 million in Adjusted EBITDA. Finxera will operate as a wholly owned subsidiary of Priority Technology, and the transaction is expected to close in the third quarter of this year.

In other M&A news, following last week’s speculation, PayPal announced this week its acquisition of Curv, a digital currency storage firm founded in 2018. This acquisition follows suite to PayPal’s commitment last year to help bring further growth and innovation to the cryptocurrency marketplace. Terms of the deal were not disclosed. This acquisition is expected to close in the first half of this year. Lastly, Lightspeed POS announced their $350 million acquisition of Vend, a complementary POS provider. With this purchase, Lightspeed will double their customer base in the Asia-Pacific region, and will now serve a total of 135,000 merchant locations worldwide.