Israeli fintech startup Finaro, a global payment provider that enables international commerce through simple payment solutions, has been acquired by US payments and commerce tech firm Shift4 for $575 million, the Herzilya-based firm announced on Tuesday.
Founded in 2007, Finaro, formerly known as Credarox, is an online merchant acquiring bank and payment service provider. The company operates in the European Union, United States, and China.
Finaro will provide the global infrastructure and cutting-edge technology needed to drive Shift4’s international ambitions to deliver a unified commerce experience, the company said in the announcement. By integrating Finaro’s capabilities, Shift4 will be able to expand the company’s current services around the world, including its next-generation SkyTab POS solution, Shift4Shop eCommerce platform, and VenueNext stadium offering. Shift4 also has more than 425 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 as a result of this acquisition.
“This acquisition underscores our aggressive efforts to deliver a unified commerce experience across the
world. This deal clearly shows our ability to support existing transformational and global customers like
SpaceX Starlink & St. Jude Children’s Research Hospital,” said Shift4 CEO Jared Isaacman.
“This acquisition emphasizes that we have accomplished what we set out to achieve – building reliable payment processing capabilities that are truly limitless in reach and scale. Being able to apply this technology to SpaceX’s Starlink program and others similar in scope, while also offering our merchants and partners around the world a broader range of products and services, is the realization of this goal in the most concrete manner, and we are thrilled to join the Shift 4 team,” said Igal Rotem, CEO, Finaro.