spot_img
Saturday, June 15, 2024
HomeNewsShift4 Completes Acquisition of Finaro to Accelerate European Expansion and Enhance eCommerce...

Shift4 Completes Acquisition of Finaro to Accelerate European Expansion and Enhance eCommerce Capabilities

ALLENTOWN, Pa. — October 26, 2023 — Shift4 (NYSE:FOUR), a global leader in integrated payments and commerce technology, has completed its previously announced acquisition of Finaro, a cross-border ecommerce payments provider and fully licensed bank with a large European presence. The completion of this acquisition significantly expands Shift4’s total addressable market both in terms of geographic coverage and industry verticals.

Finaro will provide the global infrastructure and cutting-edge technology needed to drive Shift4’s international expansion into Europe and beyond. In addition to expanding Shift4’s geographic footprint, the acquisition will enhance 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, but will also enable Shift4 to soon offer its card-present technology across Europe – including 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,” stated Shift4 CEO Jared Isaacman. “By coupling Shift4’s card-present solutions with Finaro’s strengths in cross-border ecommerce, the combined organization offers a truly unified commerce experience that can compete with the biggest payments companies in the world.”

Mr. Isaacman added, “With Finaro’s tech center based in Israel, we realize 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.”

“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 Shift4 and enable the combined organization to become a global leader in the payments space. I want to thank Finaro’s devoted and talented Management Team and all our outstanding employees for bringing us to this point and I look forward to seeing where the company goes from here,” says Igal Rotem, CEO of Finaro.

Finaro will soon rebrand as Shift4 to operate under a single brand reflecting the company’s unified global payments platform. To learn more about Shift4, visit www.shift4.com.

Citi served as exclusive financial advisor to Shift4 on its acquisition of Finaro.

Keefe, Bruyette & Woods (KBW), a Stifel Company, served as the financial advisor to Finaro.

NFM Publishing Team
NFM Publishing Team
Got a Nordic fintech story to share? We're all ears! At NFM, we're all about embracing the latest trends, innovations, and industry buzz ? Send us your PR, news stories, or anything that's rocking the Nordic fintech scene at hey@nordicfintechmagazine.com. Let's amplify your voice and think bold together! ? Stay tuned for mind-blowing articles, exclusive interviews, and thought leadership that'll keep you on the edge of your seat. Join us as we shape the future of fintech in the Nordic region.
Fintech Events in the Nordics 2024