Velo Payments to acquire payment processing platform YapStone
US-based Velo Payments is set to acquire YapStone, a payment processing platform for the short-term and vacation rental industry, for an undisclosed sum.
YapStone to be acquired by Velo Payments
The acquisition process will begin this quarter and will be subject to regulatory approvals and customary closing conditions.
Founded in 2017 and based in California, Velo Payments operates a platform that enables businesses to manage and streamline their global payments, offering real-time transaction data, automated payment workflows and a range of payment methods in different currencies.
YapStone is a fellow Californian, albeit an older one – it was founded in 1999.
With the acquisition, Velo Payments hopes to combine its open banking platform with YapStone’s payment facilitator and money service business licences to deliver “seamless” payment experiences for businesses and individuals, as well as cut down the costs and complexities associated with cross-border payments.
Speaking on the deal, John Partridge, CEO of Velo Payments, says that YapStone “shares our passion” for building solutions that “reduce the complexity of payments”.
Michael Orlando, CEO of YapStone, adds the acquisition strengthens the company’s commitment to “simplifying and optimising the billions of payments for our customers in the short-term and vacation rental industry while expanding our reach into other marketplaces”.
