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M&A activity powers ahead this week as movement within the payments industry continues to take strides. To start, the Point-of-Sale (POS) provider SpotOn announced $300 million in Series E funding, now raising their valuation to $3.15 billion, which is nearly double than their prior valuation estimate. SpotOn is using this capital to acquire Appetize, a complementary POS provider geared towards sports and entertainment venues. This acquisition falls in line with SpotOn’s existing technologies and is aimed to extend their market reach into new and existing verticals.
After last week’s speculation, Intuit announced this week their agreement to acquire Mailchimp for approximately $12 billion in cash and stock incentives. This acquisition ties into Inuit’s existing suite of product solutions, including QuickBooks, which aims to offer enhanced capabilities to the SMB market. This deal is expected to close in Intuit’s fiscal second quarter of 2022. Separately, FortisPay has announced their acquisition of OmniFund, a cloud-based Payments-as-a-Platform solution. This acquisition will enable FortisPay to expand their platform and capabilities for new and existing merchants. According to FortisPay, they have acquired payment facilitation, expanded into Canada, and developed over a dozen new ISV relationships in just the past three months.