Integrated payments and technology solutions platform Shift4 Payments Inc (NYSE:FOUR) announced it will acquire cross-border e-commerce payments provider Finaro and The Giving Block, a firm specializing in cryptocurrency funding for nonprofits.
The developments come as Shift4 looks to better position itself in pursuit of multi-trillion-dollar opportunities in e-commerce, gaming, stadiums, restaurants, hospitality, specialty retail, charitable giving, and cryptocurrency.
“These two acquisitions build on the momentum from our recent investor day and underscore our aggressive efforts to deliver a unified commerce experience across the world,” said Shift4 CEO Jared Isaacman.
“These deals clearly show our ability to support existing transformational and global customers like SpaceX, Starlink & St. Jude Children’s Research Hospital and provide a real right-to-win additional customers across the nonprofit vertical.” Isaacman said. “It also represents an exciting and responsible step towards further embracing cryptocurrencies and blockchain technology.”
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Why It Matters: With Finaro, Shift4 will have access to a global infrastructure and cutting-edge technology needed to grow the company’s current services including its next-generation SkyTab POS solution, Shift4Shop e-commerce platform, and VenueNext stadium offers, the CEO notes.
Shift4 will invest further in The Giving Block’s successful strategy while also pursuing a $45 billion embedded cross-sell opportunity by bundling crypto donation capabilities with traditional card acceptance, Isaacman said
This acquisition also brings a team of cryptocurrency & blockchain technical talent who will establish a Crypto Innovation Center at Shift4 and integrate crypto acceptance and settlement capabilities across Shift4’s current offerings in a wide range of verticals, he added.
“Cryptocurrency is quickly moving beyond early adoption and becoming increasingly mainstream as more people want to invest, transact and donate in crypto,” stated Isaacman. “We intend to be at the forefront of this movement and leverage The Giving Block technology across the entire Shift4 enterprise.”
The acquisitions are expected to contribute over $15 billion of end-to-end payment volume and $35 million of adjusted EBITDA in 2023. Citigroup Inc (NYSE:C) served as an exclusive advisor to Shift4.
