Usio to Offer Business Banking Services to its Clients1
Usio, a leading provider of fintech payment and card issuing solutions, announced that it has acquired substantially all of the assets of PostCredit, Co (PostCredit), a Los Angeles-based financial technology company in an all-stock transaction.
PostCredit developed a modern expense-management and business-banking platform used by film and entertainment productions, an industry that requires real-time budgeting, spend controls and project-based cost tracking. The system incorporates AI to ingest receipts, match them to the correct transactions, and automatically apply the appropriate tags reducing manual reconciliation work. Usio believes the platform’s architecture can be extended to support a broader range of business needs.
The acquisition supports Usio’s strategy to bring a comprehensive business-banking and expense-management solution to market, fully connected to its payment infrastructure. Usio plans to integrate PostCredit’s technology with its payment acceptance services, ACH and real-time payments, card-issuing programs and disbursement tools. The combined platform is expected to serve as a central hub for clients, offering corporate cards, accounts payable and accounts receivable capabilities including ACH, check issuance, and card acceptance, as well as integrations with QuickBooks and other leading accounting systems.
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“PostCredit built a modern banking and expense management platform for the film industry, but we believe its capabilities reach far beyond that market,” said Houston Frost, Chief Product Officer at Usio. “Combining this platform with Usio’s payment acceptance and card-issuing infrastructure, allows us to approach the breadth of what businesses typically receive when combining offerings from companies such as Stripe, Marqeta and Ramp. With this acquisition, Usio believes it has the opportunity to deliver these services in one unified solution. That’s the direction we’re heading, and we believe this acquisition accelerates that vision.”
With the PostCredit platform moving under Usio’s umbrella, Usio believes that its capabilities can now be expanded and delivered to a broader market, supported by Usio’s payment infrastructure and product scale. PostCredit Co-founder Benjamin Liu is expected to remain involved in a consulting capacity as the platform transitions into the Usio ecosystem.
“Building PostCredit has always been about solving real problems for people who needed better tools, and it has been incredible to watch the platform grow from an idea into something teams rely on every day,” Benjamin Liu, Co-founder and CEO of PostCredit said. “PostCredit joining the Usio ecosystem gives the technology the chance to reach more industries and customers faster than ever. With Usio’s infrastructure and experience, the platform will also evolve more quickly than we could have achieved alone. I’m proud of what we created at PostCredit, and I’m excited to support the company’s next chapter as it expands under Usio’s leadership.”
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