Velo Payments, Inc., a San Francisco, CA-based global fintech company, is acquiring YapStone Inc., a Walnut Creek, CA-based payment processing platform in the short-term and vacation rental industry, known for its premier payment solution, VacationRentPayment.
The amount of the deal was not disclosed.
The merger combines Yapstone’s established payfac and MSB licensure with Velo’s complex disbursements platform for next-generation e-commerce and marketplace business models. Velo Payments and YapStone customers will benefit from faster payments and reduced transaction fees, delivered via a unified advanced global payment management system built on innovative technologies, including Open Banking, agnostic rails, and fraud prevention. The acquisition process will commence within this quarter, subject to standard regulatory approvals and closing conditions.
Led by Michael Orlando, CEO, YapStone is a payment processing platform catering to the needs of the short-term and vacation rental industry. With a track record of delivering secure, seamless payment experiences, Yapstone has established itself as a partner for businesses operating in the STVR marketplace.
Led by John Partridge, CEO, Velo Payments provides an innovative platform that enables businesses to manage and streamline their global payments, delivering real-time transaction data, automated payment workflows, and support for a broad range of payment methods and currencies.
FinSMEs
16/08/2023