A recently announced acquisition in the fintech space has garnered significant interest for its potential to reshape the landscape for both companies. In early August 2023, under the leadership of Thomas Priore, Chairman and CEO of unified commerce and integrated payments platform provider Priority, the company successfully finalized the acquisition of Plastiq, a prominent business-to-business payments company.
Since its founding in 2012, Plastiq’s PlastiqPay platform has helped tens of thousands of businesses improve their cash flow by facilitating instant access to their working capital while automating accounts payables and receivables processing.
“The addition of Plastiq is another example of how Priority is building a differentiated unified commerce platform for our business and integrated software clients. Our customers can choose the payment acceptance and automated bill payment tools that best fit their business to optimize their cash flow management all in one place on our native payments and banking as a service platform that now includes Plastiq,” said Thomas Priore, Priority’s Chairman and CEO.
Plastiq Acquisition Represents a Smart Fit for Priority
On Aug. 1, 2023, led by Thomas Priore, Priority completed the acquisition of substantially all of the assets of Nearside Business Corp. and PLV Inc., as well as all of the equity of the collective Plastiq Inc., with the approval of the United States Bankruptcy Court for the District of Delaware.
With this acquisition, Priority strategically strengthens its B2B embedded finance solutions by integrating Plastiq’s bill pay system and its innovative approach with its technology stack, providing immediate working capital solutions that will further enhance the financial toolsets and accessibility to native payments and banking as a service platform to existing customers and prospective small and medium-size businesses at both companies.
The companies said that Priority and Plastiq’s “combined B2B offering gives businesses a comprehensive working capital solution to enhance vendor relations, boost cash flow, and make a profit from each transaction,” said Thomas Priore.
Plastiq’s Growth Potential in the Priority Group
Plastiq has exceptional growth potential as a payments and finance-focused fintech. Current Plastiq CEO and founder Eliot Buchanan expressed enthusiasm for the acquisition and its potential impact on customers and employees.
“Our mission has always been to accelerate the financial success of small businesses by giving them the access to working capital they need to grow and thrive,” said Buchanan. “As part of Priority, we will be uniquely positioned to offer a full suite of payment and banking capabilities to bring a holistic approach to solving our customers’ biggest working capital issues.”
Thomas Priore noted that the company was eager to welcome Plastiq’s employees and customers into the Priority family.
How the Plastiq Acquisition Helps Priority Lead the Embedded Finance Market
Embedded finance is a burgeoning market, particularly for SMBs. Plastiq’s solutions are not only for B2B to enterprise players but also for SMBs. Known as Plastiq Accept, this solution offers a merchant services alternative, enabling businesses to accept credit cards sans merchant fees. This versatile solution covers multiple customer touchpoints, including websites, invoices, checkout processes, and QR codes.
Unified commerce and embedded finance have already positively impacted businesses by facilitating smoother transactions between buyers and suppliers across various industries. The acquisition of Plastiq by Priority and the synergies it represents for the two companies seem set to further expand Plastiq by Priority’s penetration of this growing market.
In the realms of unified commerce and embedded finance, Priority stands as a prominent figure. Their payments and banking technology platform efficiently collects, stores, and sends money for over 800,000 clients. This platform processes an impressive $115 billion + in annual payments through its proprietary merchant-acquiring application, MX Merchant, its B2B payments solution, CPX, and a comprehensive library of APIs, including Passport, catering to ISV and Enterprise partners.
To learn more about the benefits of Priority’s recent acquisition, visit our website.
