Texas-based payment solutions company Rev19 has purchased Indiana-based PAYK12, a payments solution provider for schools.
Financial terms of the transaction were not revealed.
Rev19 intends to create a “transparent, service-centric” payments sector to drive the growth of organisations.
Its latest tie-up is aimed at eliminating the distinctions that currently exist between fintech and edtech. Integrations with digital, e-learning platforms are anticipated next year.
Commenting on the takeover, Rev19 CEO Corey Young said: “With PAYK12, we seek to streamline education payments by integrating their platform into our existing, proprietary tech stack.
“The goal is to place industry-leading fintech in the hands of educators and students so they can rapidly boost learning outcomes in the classroom.”
PAYK12 president and COO Chad Buntin said: “This partnership could not be a better fit for what PAYK12 is trying to do in the education space by servicing school districts across the country with one of the best online and mobile payment solutions on the market.”
A cloud-based platform, PAYK12 is designed to boost efficiency and lower risk in school payments with the help of thorough reporting. It integrates with existing school management systems.
The latest acquisition comes shortly after Rev19’s purchase of Renaissance Associates and PurePayments. Renaissance Associates is a merchant services provider while PurePayments is a payments technology and processing firm.