Thunder Bridge wraps up $581m acquisition of US fintech Repay
Thunder Bridge acquisition of Repay : Special purpose acquisition company Thunder Bridge Acquisition has completed its previously announced $580.7 million acquisition of US vertically-integrated payments solutions provider Repay Holdings and its parent Hawk Parent Holdings.
Based in Atlanta, Repay, which was founded in 2006, provides integrated payment processing solutions to verticals that have specific requirements for transaction processing.
In 2016, Corsair Capital became a controlling stakeholder in Repay. The private equity firm will now continue to be the investor in the payments solution provider having made an undisclosed equity investment into the combined company created by the merger of Repay and Thunder Bridge.
Commenting on Thunder Bridge acquisition of Repay, Jeremy Schein – managing director of Corsair Capital, said: “We are very pleased to have the opportunity to remain stockholders in Repay as it continues to execute on its growth plan as a leader in the integrated payments space.”
Repay’s integrated payment technology platform aims at simplifying electronic payments for merchants apart from enhancing the overall experience for its consumers.
The payments solutions provider claims to have processed close to $7 billion of payment volume last year for multiple verticals, including receivables management, personal loans, and automotive loans.
After the merger with Thunder Bridge, the enlarged payments software company through an omnichannel payment platform will cater to close to 3,000 clients.
John Morris – co-founder and CEO of Repay, commenting on Thunder Bridge acquisition of Repay, said: “We are excited to partner with our new board of directors and investors as we continue to execute on Repay’s growth plan as a public company.
“We are especially thankful to Corsair who has been a great partner and instrumental to our success, and we look forward to continuing to work alongside them as stockholders and board members. This transaction allows us to have access to capital to further support our acquisition strategy and invest in technology while continuing to develop software integration partners.”