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M&A activity within the payments space picks up some traction this week with a couple notable deals. To kick things off, Global-e, a cross-border end-to-end platform, announced an agreement with Pitney Bowes to acquire their cross-border commerce business, Borderfree. This deal largely complements Global-e’s existing product suite and further adds to their network of merchants utilizing their platform. Global-e will acquire Borderfree for approximately $100 million in cash and this deal is expected to close during Q3 2022. Separately, the merchant commerce platform, Pine Labs, announced their acquisition of Setu, an API fintech startup, for an undisclosed sum. This deal marks Pine Labs third acquisition yet this year. Setu builds upon Pine Labs’ existing platform, particularly as it relates to their embedded financial services and open banking offerings.
In other M&A news, Paya is reportedly exploring a potential sale according to people familiar with the matter. An agreement has not yet been signed and the talks could end without a deal. Paya made a public debut in 2020 through a SPAC merger with FinTech Acquisition Corp. III for an implied enterprise value of $1.3 billion at closing.