US paytech Kindcard eyes up OpenTransact acquisition
Kindcard, a provider of alternative closed-loop payment solutions based in Florida, USA, has signed a letter of intent to acquire self-serve banking platform OpenTransact.
Kindcard reveals plans to acquire OpenTransact
Founded in 2010 and based in New York, OpenTransact offers a Software-as-a-Service (SaaS) platform that facilitates payments and provides risk management solutions for high-risk industries such as CBD and gaming.
Compatible with cryptocurrency, ACH, debit and credit card-based payments, the platform is angled at merchants that have historically been unable to access the payment services of Shopify, Stripe or PayPal.
Michael Rosen, CEO of Kindcard, says the potential acquisition of OpenTransact presents a “significant opportunity” for his company to enhance both its revenue and IP technology stack.
Rosen adds the proposed deal would enable Kindcard to offer “secure, all-in-one software and Payments-as-a-Service options to high-risk merchants”, complementing its current Pay with Deb wallet offering and merchant services platform.
For William Clark, OpenTransact’s founder and CEO, the deal presents an “exciting potential new chapter for OpenTransact”, one that he says could “revolutionise the way we think about high-risk transactions”.
Financial details of the proposed transaction have not been disclosed.
