Celero Commerce Acquisitions, Razorpay Funding and More: Summer Heats Up with Industry Activity

The first half of this year kicked off with some big-name activity in payments industry investment and mergers, leading to plenty of anticipation about what’s coming next in the U.S. and globally. So far this summer, the activity isn’t taking a vacation. 

Commerce solutions provider Celero Commerce announced on Tuesday that it has agreed to acquire two companies, Elmhurst Financial Services and Tandem Innovative Payment Solutions. Elmhurst provides merchant acquiring services to its partner financial institutions. Tandem is a payments processing services provider catering to both financial institutions and small to medium-sized businesses.

Once these transactions are completed, Celero will process $10 billion annually for 25,000 merchants, the company said in a press release.

“Bringing Elmhurst and Tandem into the Celero family allows us to reinforce our ability to empower financial institutions and SMBs to compete in the dynamic, technology-forward marketplace,” said Kevin Jones, CEO of Celero.

Just last week, small business software platform and payment facilitator Wave Financial announced that it is being acquired by H&R Block for $405 million in cash.

The tax services provider plans to use Wave’s capabilities to expand the services it offers to small businesses, it said.

“Bookkeeping and cash flow management are significant pain points for small business owners and essential to successful annual tax preparation. Wave addresses these concerns by delivering financial solutions and a simple user experience on a single platform. Wave provides us the opportunity to accelerate our small business strategy and is a great strategic fit, as both companies can leverage each other’s capabilities to bring tax and financial solutions to small business owners, serving more clients in more ways,” Jeff Jones, president and CEO of H&R Block, said in the announcement.

During the same timeframe, RealPage, a PF focused on the real estate industry, announced that it was strengthening the services it offers to its clients in a single platform by acquiring Hipercept.

Hipercept provides data analytic solutions to institutional real estate owners, and the acquisition will enable the RealPage platform to offer data management across the entire investment lifecycle, the company said in the announcement.

“With the addition of this acquisition to RealPage’s previously developed capabilities, RealPage will offer an integrated platform to serve the end-to-end needs of an institutional real estate and alternative asset owner. No longer will customers need to cobble together applications and services to run their business. RealPage can offer a complete solution, supported by managed services, to run their entire operational process,” Steve Winn, chairman and CEO of RealPage, said.

The activity isn’t limited to mergers and acquisitions, however. The integrated payments space remains an interesting market for investors as well.

On Tuesday, Indian payment facilitator Razorpay announced that it had raised $75 million in a series C round led by venture capital firms Ribbit Capital and Sequoia Capital India, according to a report in Livemint. It intends to use the funds to support the growth of Razorpay X, its banking product, and Razorpay Capital, its lending product, the article said. 

“We started off with a purpose to solve the payment problems that the underserved markets like the MSMEs faced. Our key mission is that while our partner businesses disrupt the Indian economy with new ideas, products, experiences and new jobs, we want to power their financial systems,” the article quoted Harshil Mathur, chief executive and co-founder of Razorpay, as saying.