Priority Technology to Acquire Finxera

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.

FREMONT, CA: Priority Technology, a leading payments technology company, and Finxera, a pioneer in the fintech industry that launched and operated one of the first Banking as a Service platform, announced they have entered into a definitive agreement to merge. Finxera will operate as a wholly-owned subsidiary of Priority. The transaction is expected to close in the third quarter of 2021.

Priority's omni-channel payments platform supports proprietary and third-party software applications built for businesses of any size. Priority's offering combines modern cloud infrastructure and operational expertise to deliver unparalleled Payment Infrastructure as a Service to organizations with complex payment operation needs, including low friction merchant boarding, underwriting, risk management, and compliance monitoring. Finxera's BaaS technology allows for the rapid integration of banking services into business applications to establish and manage bank accounts for collecting, storing, and sending money. When combined, Priority will offer clients turn-key merchant services, payment facilitation, card issuing, automated payables, virtual banking, and e-wallet tools supported by its best-in-class client service, risk management, underwriting, and compliance on a single platform.

"The Finxera acquisition accelerates Priority's position as a market leader in the convergence of payments and banking as a service," said Tom Priore, Chairman and Chief Executive Officer of Priority. "Our combined platform will be equipped to take and make payments whether on card, ACH, or even blockchain and manage all aspects of payment operations like onboarding, risk, compliance, and client service for our clients. Together we will be a one stop-shop for payments and virtual bank account management that today's merchants and modern software companies are seeking in order to manage and monetize their payment networks."