Paymentus to acquire fintech partner Payveris for $152m
US-based bill payment specialist Paymentus Holdings is set to acquire fintech partner Payveris.
The deal is worth approximately $152.2 million (56% in cash and 44% in Paymentus Class A common stock) and is expected to close in Q3 2021.
Payveris’ MoveMoney platform is used by over 265 banks and credit unions for bill payments, person-to-person (P2P) and account-to-account (A2A) money movement, and fraud prevention.
Paymentus provides cloud-based bill payment solutions for more than 1,300 billers across North America. Its Instant Payment Network (IPN) connects partner platforms to provide billing, payment, and reconciliation capabilities.
The company says the Payveris acquisition will accelerate its initiatives to serve financial institutions and expand the reach of its IPN.
It is expected to increase the addressable market opportunity for Paymentus’ existing solutions while also enhancing Payveris’ MoveMoney solution with real-time capabilities, enhanced electronic bill presentment, and additional payment options for banks, credit unions, and financial institutions.
Dushyant Sharma, Paymentus’ president and CEO, says: “We started our relationship with Payveris as a multi-faceted partnership, and it quickly became apparent that their technology and team are best-in-class.
“This acquisition not only accelerates our ability to disrupt the legacy bill pay paradigm, but also helps us deliver greater value to our billers, strategic partners, and financial institutions.”
When the acquisition closes, Paymentus will provide Payveris clients access to its IPN. Paymentus will also offer Payveris’ loan servicing clients its omni-channel bill presentment and payment platform to modernise their loan payment operations.
Payveris’ clients will also be able to offer the Paymentus platform to their business and commercial clients that have bills that need to be presented and paid.
In turn, Paymentus clients will be able to give customers the ability to view bills and make real-time payments at the banks and credit unions that Payveris serves.