Velo Payments has announced that it has purchased YapStone, as both companies aim to deliver a seamless global payment experience.
The definitive merger agreement signifies a strategic alignment of vision and technology, combining Yapstone’s established payfac and MSB licensure with Velo’s leading complex disbursements platform for next-generation e-commerce and marketplace business models.
Through technologies such as Velo’s open banking platform, this merger promises to deliver seamless global payment experiences for businesses and individuals by reducing the cost and complexity of payments, especially across borders.
John Partridge, CEO of Velo Payments, said: “Since we started Velo Payments, our team has been on a mission to create exceptional payment experiences that make our customers’ lives easier.
“YapStone shares our passion for building thoughtful and customer-centric solutions that reduce the complexity of payments, and I am delighted for the team to join us with a singular shared mission. I’m incredibly excited to see what we can build together for customers in the years ahead.”
Velo Payments and YapStone customers are set to receive huge benefits from the acquisition, in the form of faster payments and reduced transaction fees. This will de delivered via a unified global payment management system, birthed from the brains of both companies.
The service will include open banking, agnostic rails, and robust fraud prevention.
The definitive merger is set to commence this quarter, subject to standard regulatory approvals and closing conditions.
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