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Shift4 acquires Israeli company in major expansion
Paula Wolf//October 27, 2023//
Listen to this articleAllentown-based Shift4, a global provider of integrated payments and commerce technology, has completed its acquisition of Finaro, an Israel-based cross-border e-commerce payments provider and fully licensed bank with a large European presence.
This acquisition significantly expands Shift4’s total addressable market in terms of geographic coverage and industry verticals.
Finaro will provide the global infrastructure and cutting-edge technology to drive Shift4’s international expansion into Europe and beyond, a release said. The acquisition also will enhance the company’s cross-border e-commerce capabilities to deliver a unified global payments platform for merchants and partners worldwide.
“Finaro is highly complementary to Shift4 in terms of geographic coverage, capabilities and addressable markets,” said Shift4 CEO Jared Isaacman. “It also empowers us to follow our existing strategic customers into new markets which represents a significant opportunity. 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.”
He added: “With Finaro’s tech center based in Israel, we realize that this comes during an extremely difficult time for those employees and their loved ones. The ability to work together during these trying times is a testament to the talent and character of everyone on the Finaro team. We are proud to welcome them into our Shift4 family.”
Shift4 will soon be able to 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, the release noted.
Finaro will soon rebrand as Shift4 to operate under a single brand reflecting the company’s unified global payments platform.
Paula Wolf is a freelance writer
