Priority Technology To Acquire Finxera

Payments technology company Priority Technology Holdings Inc (NASDAQ: PRTH) and fintech industry pioneer Finxera Holdings inked a merger agreement. Finxera will operate as a wholly-owned subsidiary of Priority under the arrangement.
The financial terms of the transaction were not disclosed.
Priority's omnichannel payments platform supports proprietary and third-party software applications. Priority's offering combines modern cloud infrastructure and operational expertise to deliver supreme Payment Infrastructure as a Service (PIaaS). Finxera's BaaS technology enables the rapid integration of banking services into business applications to establish and manage bank accounts for collecting, storing, and sending money.
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 under the arrangement.
The combined platform will be equipped to handle payments via card, ACH, or even blockchain and manage payment operations including onboarding, risk, compliance, and client service, thereby becoming a one-stop-shop for payments and virtual bank account management as per Priority CEO Tom Priore.
Priority Tech's closing cash balance amounted to $58.8 million as of September 30, 2020.
Price action: PRTH shares are up 4.41% at $7.1 in the pre-market session on the last check Monday.