Velo Payments, Inc. is acquiring YapStone Inc., a leading payment processing platform in the short-term and vacation rental industry, known for its premier payment solution, VacationRentPayment.
The definitive merger agreement signifies a strategic alignment of vision and technology, combining Yapstone's established payfac and MSB licensure with Velo's leading complex disbursements platform for next-generation e-commerce and marketplace business models. Through technologies such as Velo's open banking platform, this merger promises to deliver seamless global payment experiences for businesses and individuals by reducing the cost and complexity of payments, especially across borders.
John Partridge, CEO of Velo Payments, shared his vision for the forthcoming acquisition: "Since we started Velo Payments, our team has been on a mission to create exceptional payment experiences that make our customers' lives easier. YapStone shares our passion for building thoughtful and customer-centric solutions that reduce the complexity of payments, and I am delighted for the team to join us with a singular shared mission. I'm incredibly excited to see what we can build together for customers in the years ahead."
Velo Payments and YapStone customers will benefit from faster payments and reduced transaction fees, delivered via a unified advanced global payment management system built on innovative technologies, including Open Banking, agnostic rails, and robust fraud prevention.
Michael Orlando, CEO of YapStone, expressed his enthusiasm for the future: "The prospect of partnering with Velo Payments sparks an exciting new chapter for YapStone. We can strengthen our commitment to simplifying and optimizing the billions of payments for our customers in the short-term and vacation rental industry (STVR) while expanding our reach into other marketplaces."
The acquisition process will commence within this quarter, subject to standard regulatory approvals and closing conditions.