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M&A activity pursues this week in the payments industry as private funding sparks new deal announcements. To kick things off, Nexa Equity has announced their majority stake in Choice Merchant Solutions (“Choice”) for an undisclosed sum. Choice is an ISO based out of Connecticut that focuses on omnichannel payment solutions for merchants of all sizes. This new investment from Nexa Equity will largely support Choice’s go-to-market initiatives and further enhance the company’s omnichannel payment offerings through increased R&D efforts. Also announced in conjunction with this deal was Choice’s acquisition of Direct Payment Consultants, an ISO based in Pennsylvania. Following the closing of this deal, Choice will process more than $3 billion in annual payment volume and serve over 7,000 customers across North America. Terms of this deal were also not disclosed.
In other payments news, quarterly financial results are beginning to roll out for public companies. Overall, financial reporting is showing signs of significant growth despite ongoing market impacts such as the Russia and Ukraine conflict and inflation woes. Visa, for instance, reported payments volume is up 17% year-over-year which aided in their net revenue increasing by 25% over the prior period.