M&A Update: Payoneer Buys Armor; FinTech Studios Acquires iUbble
Payoneer, an online payments company that enables businesses to send and receive cross-border payments, has completed its acquisition of Armor Payments, a business-to-business payments provider that offers escrow services. The deal “addresses the huge market of B2B transactions between $500 and $1 million where credit cards and letters of credit are not suitable,” the companies said.
“The payments infrastructure for businesses has hardly changed in the past 30 years and it’s time that businesses are given the same high level of trust, security and ease of use that consumers have been enjoying all this time,” said Scott Galit, CEO of Payoneer.
Payoneer’s chief operating officer, Keren Levy, was profiled in the fall issue of Pay Magazine, as one of the top Women Driving Payments Change.
In other M&A news, FinTech Studios, which sells fintech software, has bought iUbble, a 2-year-old company whose own software includes a browser for Web and mobile apps. Financial terms were not disclosed.
FinTech and iUbble already operated as de-facto siblings, with FinTech, founded in 2014, investing in iUbble and working with it on a software product called Apollo. It offered what the companies described as a “cloud-based ‘big-data’ investment news, research and analytics platform designed for investors, portfolio managers, research analysts, hedge funds, banks, brokerage firms, RIA’s, financial advisory firms, private equity firms, venture capital firms, family offices, media companies and corporations.” The two firms plan to develop “next-generation” fintech.
- Amazon Acquires India-Based EMVANTAGE Payments
- Wirecard Acquires Brazilian Online Payment Service Provider
- MasterCard Buys Software Analytics Firm