Financial Information Technologies (Fintech) has acquired Nexxus Group to expand its B2B payments capabilities.
The acquisition, which closed in May, adds Nexus Group's consignment sales technology to the fintech's business solutions for the hospitality and retail industries, the companies said in a press release on Wednesday (May 29).
“By combining their advanced payment technology for scan-based transactions and consignment sales with Fintech's invoice payment automation software, we are now able to process and pay all invoice types for retailers of all sizes,” Fintech CEO Tad Phelps said in the release.
Nexxus Group's technology facilitates scan-based transactions and consignment sales between convenience stores, grocery stores and big box retailers and their vendor partners, according to the release.
The consignment payment software, part of the fintech platform, allows retailers to reduce inventory and allows vendors to manage their inventory until a consumer purchases it, the release said. Once the consumer purchase is completed at the point of sale, the vendor submits an invoice for the sold goods to the fintech and payment is initiated between the retailer and vendor through the fintech system.
The solution joins the Fintech's current product portfolio, which is used by more than 240,000 consumer service establishments and 5,000 vendors nationwide, enabling more than 1.1 million B2B connections, according to the release.
“We are excited to contribute to the growth and success of Fintech's technology portfolio,” Nexus Group CEO Mark Lundgren said in the release. “The resources gained from this combination, coupled with Fintech's recent acquisition of iControl, will accelerate our growth in scan-based transactions and consignment sales and support Fintech as a leader in B2B payments.”
The fintech completed its acquisition of iControl, a technology solutions provider for alcohol bill payment and scan-based transactions, in December 2023, according to a March press release.
The company said at the time that the iControl acquisition was part of its continuing efforts to expand its technology offerings to customers.
iControl’s electronic payment capabilities allow clients to access payment methods for alcohol, access scan-based transactions, and capture more point-of-sale (POS) data from the on-premise alcohol beverage syndication database.
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