)
Digital payments provider Fat Zebra has trotted into its second acquisition of 2024 with the purchase of Perth-based Pin Payments for an undisclosed sum, marking its second buyout of the year after purchasing open banking technology platform Adatree in February.
The deal means that Pin Payments, which was sold to the UK's Checkout.com in 2020, is back under predominantly Australian ownership.
Sydney-headquartered Fat Zebra has backing from NASDAQ-listed financial services technology giant Fiserv, but most of its shares are held by domestic entities, particularly Adrian MacKenzie and Srdjan Dangubic's Five V Fund.
Since Checkout's 2020 acquisition of Pin Payments, which was co-founded by Grant Bissett and neobank Up's co-founder Dominic Pym, Pin Payments' customer count has risen by 1,000 to 13,000 companies across Australia and New Zealand.
With offices listed in Perth, Melbourne and London, Pin Payments helps small-to-medium businesses (SMBs) accept payments from debit and credit cards bearing the Visa, MasterCard and American Express brands without requiring a merchant account.
Its offering will be a boost for Fat Zebra which currently services more than 30,000 merchants and platforms including PayPal, Macquarie Bank, Zip, Aussie Broadband and Sportsbet.
"This acquisition unites two companies with complementary strengths, as together we’re placed to deliver the best payment solutions to businesses across Australia and New Zealand, helping them thrive in an increasingly digital economy," said Fat Zebra founder and CEO Pred Dragila.
Fat Zebra notes Pin Payments is known for its secure, user-friendly solutions tailored to platforms and SMBs, while Fat Zebra provides merchants and platforms with access to the most up-to-date payment methods.
"Fat Zebra is accelerating its growth trajectory, and this acquisition lays the foundation for long-term success," says Dragila.
"By combining our strengths, we’re ensuring our customers benefit from innovative solutions and exceptional service, solidifying our position as a leader in the payments industry.
"We’re on a trajectory to become the leading domestic provider of digital payment solutions, delivering the best offerings to businesses, and this is another exciting step in that direction."
The Fat Zebra leadership team will welcome Pin Payments CEO Chris Dahl, who has been with the company for more than 11 years including more than two as CEO, and was previously with PDF editor and e-signature group Nitro.
"This acquisition is a strategic leap that enables us to expand our market presence and provide tailored solutions to a broader customer base," says Dragila.
"Our digital merchants demand reliability, speed, surge capacity and scalability, features which will be further enhanced by Pin Payments’ offering.
"Likewise, the addition of Chris and Pin Payments to our team will undoubtedly bolster our capabilities and complement our strengths."
Checkout.com founder and CEO Guillaume Pousaz says his group's relationship with Pin Payments formed a "significant part of Checkout’s journey in Australia and beyond".
"We’re grateful for all the team’s work," says Pousaz.
"I am confident that by coming together with the Fat Zeba team, they’ll collectively deliver great value to the SMB community in Australia."
)
