Shift4 acquires Finaro

Friday 27 October 2023 11:02 CET | News

US-based payments processor Shift4 has completed the acquisition of Finaro to accelerate its European expansion and improve its ecommerce capabilities. 

Through this, Shift4 extends its total addressable market both in terms of geographic coverage and industry verticals. Finaro provides the global infrastructure and technology required to increase Shift4’s international expansion into Europe, as well as worldwide. Additionally, the acquisition enhances the company’s cross-border ecommerce capabilities, allowing it to deliver a unified global payments platform for merchants and partners. 

US-based payments processor Shift4 has completed the acquisition of Finaro to accelerate its European expansion and improve ecommerce capabilities.

The acquisition’s objective

According to officials, Finaro is complementary to Shift4 when it comes to geographic coverage, abilities, and addressable markets. By combining Shift4’s card-present solutions with Finaro’s capabilities in cross-border ecommerce, the merged organisation can offer a joined commerce experience that aims to compete with other payments companies around the world. Moreover, considering the current environment and that Finaro’s tech centre is based in Israel, the ability to collaborate aims to support employees and their families.

In addition to augmenting Shift4’s ecommerce offering, the acquisition allows the company to provide its card-present technology throughout Europe, including the SkyTab restaurant point-of-sale system and VenueNext stadium solution. Furthermore, Shift4 has 500 software integrations and over 200,000 merchant customers, which have a multinational presence and offer immediate international opportunities that can be unlocked as a result of the acquirement.

The two companies plan to rebrand Finaro as Shift4 to operate under a single brand that reflects their unified global payments platform. Also, Citi served as the exclusive financial advisor to Shift4 on its acquisition of Finaro. 

Recent developments from Shift4

This is not the only acquisition Shift4 made recently. At the beginning of October 2023, the company acquired SpotOn’s sports and entertainment business unit for USD 100 million. Through this, Shift4 obtained all of SpotOn’s sports and entertainment customers, a part of its employees, and some technology assets. The deal allowed SpotOn to retain ownership of the source code for the software system to continue developing it in the restaurant space.

A few days prior to this, Shift4 announced its partnership with Amazon, aiming to deliver customers a checkout-free shopping experience at stadiums and arenas. The collaboration enabled Shfit4 to integrate its VenueNext solution with Amazon’s Just Walt Out technology to eliminate the checkout lines that usually take place at stadiums and arenas and to provide customers and clients with an enhanced payment experience.

Moreover, Shift4 partnered with Give Lively to provide fundraising services to nonprofit organisations. The partnership allowed Give Lively to integrate Shift4 as a payment processor, aiming to offer lower transaction fees to nonprofits, with a focus on expanding donation processing capabilities and including stock and cryptocurrencies. 

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Keywords: acquisition, cross-border payments, cross-border ecommerce, payments , payment processor
Categories: Payments & Commerce
Companies: Finaro, Shift4
Countries: World
This article is part of category

Payments & Commerce




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