Fintech
Fintech adds consignment technology with acquisition of Nexxus
Financial information technologies (Fintech) has acquired Nexxus Group to expand its B2B payment capabilities.
This acquisition, which closed in May, adds Nexxus Group’s consignment technology to Fintech’s business solutions for the hospitality and retail industries, the companies said in a press conference on Wednesday (May 29). Press release.
“By combining their leading payment technology for scan-based trading and consignment sales with Fintech’s invoice payment automation software, we can now process and pay all types of invoices for retailers of any size,” Tad PhelpsCEO of Fintech, said in the statement.
According to the release, Nexxus Group’s technology facilitates scan-based commerce and consignment sales between grocery, supermarket and department stores and their supplier partners.
As part of the Fintech platform, the consignment payment software will allow retailers to reduce inventory and sellers to take control of inventory until consumers purchase, the release said. When a consumer’s purchase is completed at the point of sale, the seller sends an invoice to Fintech for the items sold and payment is initiated between the retailer and the seller through the Fintech system.
This solution added to the existing Fintech product portfolio used by more than 240,000 consumer service facilities and 5,000 suppliers nationwide and enables more than 1.1 million B2B connections, according to the release.
“We are excited to contribute to the growth and success of Fintech’s technology portfolio,” Marco Landgren, CEO of Nexxus Group, said in the statement. “The resources that have been offered to us through this combination, in conjunction with the recent Fintech acquisition iControlwill accelerate our growth in scan-based trading and consignment sales, while supporting Fintech as a leader in B2B payments.”
Fintech closed on the acquisition of iControl, a provider of technology solutions for alcohol bill payment and scan-based trading, in December 2023, according to a March report Press release.
The company said at the time that the acquisition of iControl was part of its ongoing efforts to expand its technology offerings for customers.
iControl’s electronic payment capabilities give customers access to a way to make alcohol payments scan-based trading and get more point-of-sale (POS) data from a syndicated local alcoholic beverage database.
For all of PYMNTS’ B2B coverage, subscribe to the Daily News B2B Newsletter.
See more in: acquisitions, B2B, B2B payments, sale on consignment, Financial information technologies, FinTech, grocery shop, News, Nexxus Group, PIMNTI news, See retail, Technology, What’s new, What’s hot in B2B