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Celero Commerce announced late Wednesday it has acquired Finical Holdings LLC for an undisclosed sum. The acquisition, which is the tenth Celero has made since its launch in late 2018, will increase the company’s annual card processing volume to $25 billion and enlarge its presence in the Southwestern U.S. market, the company says.
In addition to providing online, mobile, and small-business credit card processing, Finical offers no-fee card processing with dual pricing. No-fee card processing is a technique in which the processing fees invoked by a credit card transaction are passed on to the consumer. Dual pricing allows merchants to lower card-processing costs by offering consumers a cash-pricing option, in addition to a credit pricing option. The latter option is typically higher than the cash option at the point of sale.
Complementary markets between the two companies include restaurants, health care, fitness, beauty salons and spas, hospitality, and small businesses. Finical also has had a small stake in servicing retailers of products such as cannabidiol, but this piece of its business is being discontinued. Finical is a registered ISO of Esquire Bank N.A. and Citizens Bank.
“Finical provides us an ability to strategically grow our organization for the betterment of our partners and merchants,” Scott Farace, chief marketing officer for Celero, says by email. “We continue to look for opportunities of alignment that meet our vision.”
Celero is headed by long-time payments-industry veteran Kevin Jones, whose experience includes positions with such companies as Chase Paymentech and First American Payment Systems.
