Priority Technology, a leading unified commerce platform that offers integrated payments and banking on a large scale, has successfully completed the acquisition of Plastiq, a prominent B2B payments company providing working capital solutions and automating accounts payable and receivable.
The acquisition of Plastiq is a strategic move to expand Priority’s differentiated Unified Commerce Platform. By combining Plastiq’s capabilities in bill pay and working capital with Priority’s payment solutions, the merger aims to provide businesses of all sizes with a full suite of working capital solutions. The value of the deal has not been disclosed.
Priority Technology Holdings, with a payments and banking technology platform that serves over 800,000 clients, processes $115bn in annual payments volume. Their proprietary solutions include MX Merchant, BRB payments solution, CPX, and a library of APIs including Passport. Priority takes care of the intricacies of payments and embedded finance, allowing partners to focus on their core business objectives.
Plastiq, founded in 2012, is a pioneering B2B payments company that has aided many businesses in enhancing cash flow and gaining instant access to working capital. Its flagship product, Plastiq Pay, enables businesses to pay suppliers by credit card as an alternative to bank loans. Additionally, Plastiq offers solutions like Plastiq Accept and Plastiq Connect API suite to extend B2B payment options.
The acquisition has been approved by the United States Bankruptcy Court for the District of Delaware. Keefe, Bruyette & Woods served as the financial advisor, while Troutman Pepper Hamilton Sanders LLP served as legal advisors to Priority.
Plastiq’s acquisition is in line with Priority’s strategy to build a unified commerce platform that encompasses the best payment acceptance and automated bill payment tools. This integration of services will allow customers to optimise cash flow management through a single platform, showcasing Priority’s continued commitment to innovation in the FinTech industry.
Priority Chairman and CEO Thomas Priore said, “The addition of Plastiq is another example of how Priority is building a differentiated Unified Commerce Platform for our business and integrated software clients.”
Plastiq CEO & Founder Eliot Buchanan stated, “Our mission has always been to accelerate the financial success of small businesses by giving them the access to working capital they need to grow and thrive. As part of Priority, we will be uniquely positioned to offer a full suite of payment and banking capabilities to bring a holistic approach to solving our customers’ biggest working capital issues.”
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