Payrix leaps forward with FIS

Nearly 10 months after refreshing its logo and expanding into Australia and New Zealand, Payrix disclosed its new status as an FIS brand on Feb. 14, 2022, fulfilling its dream of becoming "a global leader in embedded payments, recognized for the passion of our people, integrity of our platform, and the possibilities demonstrated to our partners and their businesses."

Payrix, established in 2015 and based in Atlanta, is a privately held fintech firm specializing in SaaS-based platforms and embedded commerce solutions for small and midsize business owners. The company's seven-year growth trajectory was marked by year-over-year growth as it implemented more than 40 innovative SaaS platforms. These qualifiers attracted FIS, a publicly held company headquartered in Jacksonville, Fla., Payrix representatives stated.

Blue Star Innovation Partners and Providence Equity Partners' affiliate Providence Strategic Growth (PSG) led the Payrix acquisition. Details of the transaction were not publicly available. Financial analysts expect Payrix's technology platforms and software services will enhance the FIS portfolio of embedded commerce, automated account onboarding, billing and settlement, and compliance capabilities.

Expanded portfolio

Stephanie Ferris, FIS president, positioned the Payrix acquisition as part of an overall strategy to expand capabilities and global ecommerce offerings. "Bringing the Payrix capabilities inside FIS enables us to continue our journey of serving e-commerce as well as platform companies," she said in a statement. "The acquisition of Payrix is an excellent proof point of FIS' ability to unlock the value of our broad portfolio of solutions as companies of all sizes rely on FIS as a destination for innovation to advance how the world pays, banks and invests."

Boruch Greenberg, founder at Payrix, thanked Ferris, Payrix cofounders Benny Silberstein and Daniel Gellman, and staff. "Their hard work and sleepless nights got us to this point," he said. "Our team of employees are dedicated, hardworking, driven and simply the best," he said.

Silberstein agreed that success took hard work and long hours. "It's been an amazing journey, from just an idea, to creating the product and building the team, all the way through the sale," he said. "From early on in 2015 when Boruch Greenberg and I started down the road that would lead us here, we knew we were onto something big."

Global growth

FIS representatives stated that Payrix technology and advanced embedded payment solutions will enable the company to create new, differentiated experiences for all types of businesses, including the small and midsize merchant sector. Noting that FIS is a member of Standard and Poor's 500 Index and holds a 241st ranking on the 2021 Fortune 500 list, they stated the company will extend global reach by providing embedded products and subscription services that are uniquely designed by the Payrix team to enhance the SMB payments experience.

FIS further noted that acquiring Payrix will cement its technology leadership by helping companies monetize payments and improve the customer experience. Bolstered by Payrix's capabilities, FIS will apply scale, expertise and data-driven insights to modernize commerce, banking and investing, the company stated.

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