FIS acquires embedded finance start-up Payrix
US fintech start-up Payrix has been sold by equity firm Providence Strategic Growth and Dallas-based investment fund Blue Star Innovation Partners to payments giant FIS. The financial terms of the deal were not disclosed.
Founded in 2015, the Atlanta-based Payrix provides embedded payment solutions for Software-as-a-Service (SaaS) verticals.
The company offers clients the choice of payment facilitation-as-a-service (PFaaS) or a full payment infrastructure (payment IaaS) product based on business needs.
FIS says the acquisition aligns with its “strategy to expand its e-commerce offerings to companies of all sizes, and in any industry, by embedding payments capabilities within Software-as-a-Service (SaaS) platforms”.
The acquisition will allow FIS to provide fully digital and automated onboarding, compliance, billing and settlement, Payrix says, enabling it to quickly expand into new market segments, especially the high growth SME e-commerce segment.
FIS’ acquisition of the SaaS paytech firm comes days after it appointed Stephanie Ferris as its new company president.
Ferris initially joined the company in 2019 following the purchase of payments software firm Worldpay, where she served as chief financial officer (CFO).
On the acquisition of Payrix, Ferris says: “Since acquiring Worldpay in 2019, FIS continues to expand its strategic payments capabilities and offerings in global e-commerce.”