A legally binding agreement has been struck by Paymentus, a provider cloudbased paymentus payveris crowdfundinsider cloud-based bill payment technology, to acquire Payveris, which also offers cloud-based bill payment services. $152.2 million is the purchase price, with roughly 56 percent being paid in cash and 44 percent being paid in Paymentus Class A common stock.
With real-time capabilities, improved electronic bill presentation, and more payment alternatives for banks, credit unions, and financial institutions of all sizes, the combination is anticipated to increase the addressable market opportunity for Paymentus’ current offerings.
The president and CEO of Paymentus, Dushyant Sharma, said, “We started our connection with Payveris as a multifaceted partnership and it immediately became evident that their technology and team are best-in-class and would be immensely additive to our platform and goal. “This purchase helps us give additional value to our billers, strategic partners, and financial institutions while also accelerating our potential to disrupt the old bill pay paradigm. We are eager for the Payveris team to join Paymentus’ rapidly expanding team.
Once the agreements are fulfilled, Paymentus will provide Payveris‘ bank and credit union clients access to the Instant Payment Network as well as its omni-channel bill presentation and payment platform to Payveris clients who service loans in order to modernize their loan payment operations. The Paymentus platform can be made available to business and commercial clients of Payveris’ bank and credit union clients so that they can present and pay bills.
The acquisition should benefit Payment us clients since their consumers will soon be able to view bills and make real-time payments at the more than 265 banks and credit unions that Payveris supports. By enabling better control, quicker payments, and greater transparency when paying bills and moving money from any account to any end point, the combination of Paymentus and Payveris will simplify money management for consumers.
“Paymentus is the ideal place for Payveris to live. A real-time payment network connecting customer accounts at their financial institutions and their billers is created when the companies’ highly complementary technologies are joined, according to Ron Bergamesca, CEO of Payveris. “This network will serve as the cornerstone for providing financial institutions with quick innovation in digital payments.”