Shift4 to acquire cross-border payments provider Finaro in $575m deal

US paytech Shift4 is set to acquire Israeli cross-border payments provider Finaro in a deal worth $575 million.

Finaro is based in Tel Aviv, Israel

Finaro, formerly Credorax, says its acquisition by Shift4 will create a combined entity that will be able to stand shoulder to shoulder with other big players in the payments industry, such as Adyen, Nuvei and Worldpay.

Shift4 has more than 425 software integrations and over 200,000 merchant customers, many of which have a multinational presence. It supports billions of transactions annually for hundreds of thousands of businesses across multiple industries.

The deal will enable Shift4 to expand its current services globally, including its SkyTab point of sale solution, Shift4Shop e-commerce platform and VenueNext stadium offering.

Shift4 CEO Jared Isaacman says: “This acquisition underscores our aggressive efforts to deliver a unified commerce experience across the world.”

In addition, the company also confirmed the acquisition of cryptocurrency fundraising platform The Giving Block as it looks to combine crypto donation capabilities with traditional card acceptance.