Shift4 forays into European market with Finaro acquisition
By Gloria Methri
October 27, 2023
- Card Technology
- Cross Border e-commerce Platform
- Digital Integrated Payments Hub
Shift4, a specialist in integrated payments and commerce technology, has completed its acquisition of Finaro, a cross-border e-commerce payments provider with a large European presence. The acquisition significantly expands Shift4’s total addressable market both in terms of geographic coverage and industry verticals.
Finaro, which is a fully licensed bank, 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 will enhance the company’s cross-border e-commerce capabilities to deliver a unified global payments platform for merchants and partners around the world.
“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 e-commerce, the combined organization offers a truly unified commerce experience that can compete with the biggest payments companies in the world.”
This acquisition not only augments Shift4’s e-commerce 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.
Additionally, Shift4 has more than 500 software integrations and over 200,000 merchant customers, many of which have a multinational presence and provide immediate international opportunities that can now be unlocked because of this acquisition.
Igal Rotem, CEO of Finaro said, “Having led the business from early on, I am proud of how significantly we have grown Finaro over the past decade and thrilled to see the completion of this acquisition. I am 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.”
Finaro will soon rebrand as Shift4 to operate under a single brand reflecting the company’s unified global payments platform.
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