Combined company enters top 10 of non-bank payment processors, adds proprietary SaaS solutions to serve additional verticals, strengthens distribution channels.
Celero Commerce (“Celero”), a vertically-focused commerce solutions provider, today announced the acquisition of TransNational Payments, a leading provider of electronic payments technology and business management SaaS solutions. With the addition of TransNational, Celero now serves approximately 40,000 merchants, 150 financial institutions, and processes more than $14 billion of card volume annually, making it a top 10 non-bank payment processor in the United States.
“We have been building toward this moment since we formed Celero in 2018. This is an important step in Celero’s evolution, expanding the high-tech, high-touch solutions we deliver that differentiate and empower our financial institution partners and business customers across the U.S.,” said Celero Commerce founder and CEO, Kevin Jones. “Our collective offering of vertically focused solutions, advanced middleware technologies and frictionless boarding capabilities, combined with the diverse go-to-market strategy and talented team added by TransNational, optimizes Celero for continued growth.”
“It’s an exciting day for the TransNational Payments team,” said TransNational CEO, Jae Haas. “We are proud to join Celero and contribute to our collective mission to help small and mid-sized companies drive growth with the best financial technology platform in the market. This opportunity not only makes sense in terms of how our products and services fit, but also culturally, where our teams will come together and focus on smart growth for the future.” As part of this transaction, Jae Haas will take on an expanded role leading Celero Direct and Executive Vice President, Bryan Olson, will be responsible for TransNational operations.
This acquisition marks Celero’s second in 2020 and sixth since its launch in 2018, following an investment from private equity firm, LLR Partners. “Each strategic acquisition has increased Celero’s ability to deliver bundled, user-friendly software and payments solutions, empowering businesses to compete and grow,” said Ryan Goldenberg, Principal at LLR Partners and Director at Celero Commerce. “This acquisition is a significant step forward in helping Celero realize its vision to be the premier business partner for small and medium-sized businesses across the country.”
Financial Technology Partners (“FT Partners”) served as the exclusive strategic and financial advisor to TransNational Payments.