Fiserv has agreed to amass processor Pineapple Funds in a transfer that can broaden its present distributor companion relationship to assist its Clover platform whereas additionally selecting up the fee processing for Pineapple’s present buyer base.

Fiserv fee options that transfer by way of Pineapple Funds distribution channels embody its CoPilot companion platform, in addition to the Clover level of sale and Clover Join methods.

Monetary phrases of the deal weren’t disclosed.

“With Pineapple Funds already working as a key distribution companion of Fiserv, we anticipate to speed up the supply of recent and revolutionary capabilities to a number of recent service provider shoppers,” Fiserve President and CEO Frank Bisignano mentioned in a press launch Thursday. “Collectively will present omnichannel funds know-how and companies to allow retailers to maximise the potential of digital fee processing.”

Pineapple Funds, based in 2016, serves greater than 25,000 retailers. The Pittsburgh firm focuses on fee processing, proprietary know-how and omnichannel fee acceptance for built-in software program distributors, and small and medium-size companies.

“Pineapple Funds’ mission is so as to add worth to the funds expertise by way of easy, safe and scalable options,” Brian Shanahan, Pineapple Funds’ CEO, mentioned within the launch. “Based mostly on our present relationship, we imagine Fiserv is the best companion to take that mission to the following degree and past.”

Pineapple operates Transax as its core fee platform, which it has distributed by way of a community of resellers and impartial gross sales organizations. The corporate provides each API-based and out-of-the-box options for companies like hosted fee pages, recurring billing and bill administration, in addition to integrations with QuickBooks and Salesforce.

Fiserv, of Brookfield, Wis., expects to shut the acquisition within the second quarter of 2021.



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