Priority Technology Holdings, a leading payments and banking technology platform, has announced the acquisition of Plastiq, a pioneering B2B payments company. This strategic move aims to expand Priority’s differentiated Unified Commerce Platform and provide businesses of all sizes with a comprehensive suite of working capital solutions.
Description of the merger
The merger between Priority Technology Holdings and Plastiq brings together the capabilities of both companies to create a powerful and comprehensive offering. By combining Plastiq’s expertise in bill pay and working capital with Priority’s payment solutions, the merger addresses the needs of businesses seeking improved cash flow and instant access to working capital. The goal is to provide a one-stop-shop for businesses, offering a full suite of working capital solutions under one platform.
Background on Priority Technology Holdings and Plastiq
Priority Technology Holdings, with its payments and banking technology platform, serves over 800,000 clients and processes an impressive $115 billion in annual payment volume. This acquisition further reinforces Priority’s position as a leader in the industry, leveraging Plastiq’s capabilities to enhance their offerings.
Plastiq, founded in 2012, has established itself as a trusted B2B payments company. Its focus has been on helping businesses improve cash flow and gain instant access to working capital. The company’s innovative solutions have helped numerous businesses accelerate their financial success.
Comments from Priority’s Chairman and CEO, as well as Plastiq’s CEO & Founder
Thomas Priore, Chairman and CEO of Priority, expressed enthusiasm about the acquisition, stating, “The addition of Plastiq is another example of how Priority is building a differentiated Unified Commerce Platform for our business and integrated software clients.” This acquisition aligns with Priority’s commitment to providing innovative solutions to its clients.
Eliot Buchanan, CEO and Founder of Plastiq, highlighted their mission of accelerating small business financial success. He stated, “Our mission has always been to accelerate the financial success of small businesses by giving them access to the working capital they need to grow and thrive.” The integration with Priority Technology Holdings allows Plastiq to further enhance their mission and serve a broader customer base.
Approval of the acquisition
The acquisition has received approval from the United States Bankruptcy Court for the District of Delaware, solidifying its legal standing and paving the way for an efficient integration.
Priority’s role in handling payments and embedded finance
Priority’s expertise lies in managing the intricacies of payments and embedded finance. Their services enable partners to focus on their core business objectives while leaving the complexities of financial transactions in capable hands.
Integration of Plastiq’s services into Priority’s unified commerce platform
The integration of Plastiq’s services into Priority’s unified commerce platform marks an exciting development for businesses seeking optimized cash flow management. Through a single platform, customers will have access to a range of payment acceptance and automated bill payment tools. This integration showcases Priority’s continued commitment to innovation in the FinTech industry, providing businesses with efficient solutions and helping them stay ahead in an evolving market.
The acquisition of Plastiq by Priority Technology Holdings represents a significant step in expanding Priority’s Unified Commerce Platform. By combining their respective capabilities, Priority aims to provide businesses of all sizes with a comprehensive suite of working capital solutions. With the approval of the United States Bankruptcy Court, this strategic move is set to unlock new opportunities and benefits for Priority’s clients and the broader business community. As the integration progresses, businesses can expect an enhanced platform that streamlines cash flow management, reinforcing Priority’s position as an innovative force in the FinTech industry.