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Wednesday, April 25, 2018

Payments leaders forge alliance

On April 19, 2018, several payments industry leaders joined forces under a newly formed parent company called Aurora Solutions. The alliance brings together partners Jeff Brodsly, President and CEO of Chosen Payments; Sabin Burrell, co-founder and CEO of BlueSquare Resolutions LLC; former BBVA Compass executive Adam Spencer; and former First Data Corp. executive Brian Goudie.

"Aurora Solutions' vision is to grow through vertical market distribution and technology," said Goudie, who will serve as CEO for Aurora Solutions. "I've learned in my 20 years at First Data that trying to be all things to everybody, while ambitious, doesn't always meet the mark. The industry has become vertically specialized such that you have to place strategic bets on distribution and technology leaders within those spaces." According to the partners, Chosen Payments and BlueSquare will continue to operate under their respective brands and leadership. The group will also leverage marketing and technology innovations collaboratively to achieve platform and geographic expansion into specialized vertical markets.

Powerful group dynamics at work

As a group, Aurora Solutions wields considerable human and technical resources. "Assembling a world class leadership team with Brian Goudie along with Chosen Payments' Jeff Brodsly and Adam Spencer, formerly of BBVA, further demonstrates that we are one of the top dynamic payments companies left that hasn't gone the route of consolidation by a platform," Burrell said.

Brodsly agreed, noting that the payments industry has reached a pivotal point. "It's no secret the payments industry is in one of the most exciting times of its history," he said. "I could not be more proud for the Chosen Payments team and our future under Brian and the Aurora umbrella to reach unparalleled success."

Both Chosen Payments and BlueSquare have earned spots on the Inc. 5000 list of fastest growing privately held U.S. companies. As an ISO, Chosen Payments specializes in multiple verticals with active involvement in trade associations representing the automotive, limousine, hot rod, jewelry, motorcoach and optometric sectors. Growth for BlueSquare has stemmed from its technology-driven approach, which led to a merger with Applied Merchant Services in 2016.

In the initial phase, Aurora Solutions has established relationships with financial service providers First Data and Total System Services Inc.; bank sponsorships with Wells Fargo and BBVA Compass; and financial services partnerships with Goldman Sachs and Prudential Capital Partners.

Burrell, who has worked with Goldman Sachs in the past, said, "We are also excited to expand and renew our relationship with our lender, Goldman Sachs, and to welcome our new capital partner, Prudential Capital Partners. Two of the most respected names in financial services who will give us the necessary runway to execute on our strategy." end of article

Editor's Note:

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