Fast-Rising Tampa Payments Company Acquires Big-Name Retail Client Firm

Fast-growing Tampa business-to-business payments software company Fintech is expanding its platform with the acquisition of Nexxus Group.

The deal is Fintech’s second since it received a nine-figure investment from New York private equity firm General Atlantic in September. Adding Massachusetts-based Nexxus, a consignment-selling platform for grocery and big-box retail stores and their vendors, is a significant win for Fintech. Nexxus’s platform is used by 6,500 distributors and manufacturers and nearly 100 retailers at 71,000 locations, including some of the industry’s biggest names, from Walmart to Target, AmeriGas, and 7-Eleven.

Fintech CEO Tad Phelps outlined aggressive plans to expand its suite of software applications after the General Atlantic investment, saying that Fintech aimed to acquire a handful or more of payments and administrative software companies in the next three years. In December, Fintech acquired a similar consignment-focused selling platform, iControl. Fintech was founded more than 30 years ago and was an early pioneer in the payments industry. The company initially focused on alcohol sales but has since expanded to cover invoice payment automation and inventory management for B2B transactions across various sectors. Today, Fintech’s platform is used by more than 240,000 businesses and 5,000 vendors across the U.S., which represent more than a million B2B transaction points.

iControl and Nexxus are the fifth and sixth deals since Fintech first brought outside investors into the fold seven years ago. Fintech received its first outside investment from San Francisco-based Luminate Capital Partners shortly after Phelps joined the company in 2017, and a second investment from Boston firm TA Associates the next year.

Fintech had 250 employees as of late last year, around two-thirds of which were based in Tampa.
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