US: Velo Payments, a California-based payment service for banks, payment facilitators and payors, has announced that it will acquire short-term rental payment processing platform Yapstone.
Having come to a definitive merger agreement, the companies will combine Yapstone’s payfac and MSB licensure and Velo’s complex disbursements platform for next-generation e-commerce and marketplace business models. The merger is designed to deliver seamless global payment experiences for businesses and individuals by reducing the cost and complexity of payments, especially across borders.
Velo Payments CEO John Partridge said: “Since we started Velo Payments, our team has been on a mission to create exceptional payment experiences that make our customers’ lives easier. Yapstone shares our passion for building thoughtful and customer-centric solutions that reduce the complexity of payments, and I am delighted for the team to join us with a singular shared mission.
“I’m incredibly excited to see what we can build together for customers in the years ahead,” he added.
Velo Payments and Yapstone customers will now 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 robust fraud prevention.
Yapstone CEO Michael Orlando said: “The prospect of partnering with Velo Payments sparks an exciting new chapter for Yapstone. We can strengthen our commitment to simplifying and optimising the billions of payments for our customers in the short-term and vacation rental industry while expanding our reach into other marketplaces.”
The acquisition process will start later in this quarter, and is subject to standard regulatory approvals and closing conditions.
Velo Payments is already a global leader in the fintech sector, providing a 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.
The future of travel payment solutions will be discussed at the inaugural STRz Summit in London on Wednesday 18 October. See the full event agenda here and book your tickets now at this link.
