Founded in 2006, Repay, which is headquartered in Atlanta, Georgia, offers integrated payment processing solutions to verticals having specific transaction processing requirements.
The company’s integrated payment technology platform is said to bring down the complexity of electronic payments for merchants while improving the overall experience for consumers.
Repay is said to have processed nearly $7bn (£5.58bn) of payment volume in 2018 across various verticals, including personal loans, receivables management, and automotive loans.
The enlarged company following the merger with Thunder Bridge will offer services to nearly 3,000 clients via an omnichannel payment platform.
Corsair Capital, which purchased a controlling stake in the payment solutions provider in 2016 from its then institutional owner, will continue to be the investor after making an undisclosed equity investment into the combined company.
Corsair Capital managing director Jeremy Schein said: “We are very pleased to have the opportunity to remain stockholders in Repay as it continues to execute on its growth plan as a leader in the integrated payments space.”
As per the agreement signed in January 2019, Thunder Bridge has been renamed as Repay Holdings. Thunder Bridge Acquisition operated as a blank check company with an aim of effecting a merger, asset acquisition, share exchange, stock purchase, reorganisation or similar business combination with one or more businesses.
Repay co-founder and CEO John Morris said: “We are excited to partner with our new board of directors and investors as we continue to execute on Repay’s growth plan as a public company. We are especially thankful to Corsair who has been a great partner and instrumental to our success, and we look forward to continuing to work alongside them as stockholders and board members.
“This transaction allows us to have access to capital to further support our acquisition strategy and invest in technology while continuing to develop software integration partners.”
In February 2019, the payment solutions provider launched a new service called Instant Funding to transfer funds directly to eligible Visa debit and prepaid cards through electronic transactions enabled by Visa Direct.
