Integrated payments and commerce technology provider, Shift4, has completed its previously announced Finaro acquisition. Finaro is a cross-border ecommerce payments provider and fully licensed bank with a large European presence. The deal significantly expands Shift4’s total addressable market both in terms of geographic coverage and industry verticals.
Finaro will provide the global infrastructure and technology needed to drive Shift4’s international expansion into Europe and beyond. In addition to expanding Shift4’s geographic footprint, the acquisition enhances the company’s cross-border ecommerce capabilities to deliver a unified global payments platform for merchants and partners around the world. This acquisition not only augments Shift4’s ecommerce offering. It will also enable Shift4 to soon offer its card-present technology across Europe. This includes the company’s SkyTab restaurant point-of-sale system and VenueNext stadium solution. In parallel, this acquisition will provide Finaro’s merchants and partners access to a US- based solution to help them grow into new markets in North America.
“Finaro is highly complementary to Shift4 in terms of geographic coverage, capabilities, and addressable markets. It also empowers us to follow our existing strategic customers into new markets which represents a significant opportunity,” said Shift4 CEO Jared Isaacman.
“By coupling Shift4’s card-present solutions with Finaro’s strengths in cross-border ecommerce, the combined organisation offers a truly unified commerce experience that can compete with the biggest payments companies in the world.”
Combination of Shift4 and Finaro aims to create a global leader in payments
He added: “With Finaro’s tech center based in Israel, we realise that this comes during an extremely difficult time for those employees and their loved ones. The ability to work together during these trying times is a testament to the talent and character of everyone on the Finaro team. We are proud to welcome them into our Shift4 family.”
Igal Rotem, CEO of Finaro added: “Having led the business from early on, I’m proud of how significantly we’ve grown Finaro over the past decade and thrilled to see the completion of this acquisition. I’m confident that Finaro’s best-in-class technology, talent, and capabilities will successfully merge into Shift. It will enable the combined organisation to become a global leader in the payments space.
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Finaro will soon rebrand as Shift4 to operate under a single brand. This reflects the company’s unified global payments platform.