FIS Acquires Payrix to Strengthen Its E-commerce Offering

FIS announced the enhancement of its embedded payments strategy with the acquisition of Atlanta-based, Paytrix. This acquisition supports FIS' objective of expanding its e-commerce products to businesses of all sizes and industries through the integration of payment capabilities into Software-as-a-Service (SaaS) platforms. This acquisition will also enable FIS to deploy embedded financial capabilities alongside its e-commerce products to small and medium-sized businesses (SMBs).

Paytrix, a fintech company formed in 2015, enables SaaS-based platforms to integrate payments and financial technologies to improve the payments experience for SMBs.

FIS, a market leader in deposit, loan, issuance, business-to-business (B2B), and global payments solutions, will leverage and integrate its banking and payments assets with Payrix's innovative embedded payments solutions to provide new and distinctive experiences for businesses of all sizes.

Payrix's acquisition provides a distinctive option for platforms seeking to incorporate payments, enabling them to grow globally. Additionally, it introduces new features, such as entirely digital and automated onboarding, compliance, billing, and settlement, which enables FIS to rapidly expand into new market sectors, particularly the high-growth SMB e-commerce category.

Payrix was bought from a group of investors led by Blue Star Innovation Partners, a Dallas-based venture capital company, and Providence Strategic Growth (PSG), the growth equity subsidiary of global asset manager Providence Equity Partners.