Celero expands financial institution network with purchase of Arkansas firm
Celero Commerce (“Celero”), a top ten U.S. non-bank payment processor, announced the acquisition of Community Bankers Merchant Services (CBMS), a provider of electronic transaction processing through community and regional banks nationwide. With the addition of Arkansas-based CBMS, Celero will serve over 53,000 merchants nationwide, processing approximately $21 billion in annual card volume.
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Founded in 1989 by Bob Morris, CBMS has partnered with banks for over thirty years, offering a full suite of payment processing solutions for their small and mid-sized business customers. “For three decades, the CBMS team has supported their bank partners’ growth through industry leading service and support,” said Celero founder and Chief Executive Officer Kevin Jones. “The talented and experienced CBMS team fits well within our organization, and we are excited to serve community and regional banks together.”
“Like Celero, we have always focused on providing superior service to our community bank partners and their merchants. We could not be happier to be joining the Celero team,” said CBMS Chief Operating Officer Dean Morris. “Their depth of experience and breadth of products and technology will allow us to provide better solutions to our banks and their customers.”
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“We founded Celero to deliver a proprietary suite of FinTech (Payments, Software, and Data) solutions to our financial institution partners and small and mid-sized business customers,” added Jones. “The addition of CBMS furthers Celero’s market leading position in the financial institution market and allows us to expedite our growth.”
733Park, Inc., a boutique mergers and acquisition advisory firm specializing in payments and FinTech, represented Community Bankers Merchant Services (“CBMS”), in its sale to Celero Commerce (“Celero”).
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