- Kindcard, a Florida-based closed-loop payment solutions provider, intends to acquire OpenTransact, a self-serve banking platform based in New York.
- OpenTransact, founded in 2010, offers a Software-as-a-Service (SaaS) platform catering to high-risk industries like CBD and gaming, supporting various payment methods including cryptocurrency, ACH, and cards.
- The platform targets merchants traditionally excluded from services like Shopify, Stripe, or PayPal.
- Michael Rosen, Kindcard’s CEO, sees the acquisition as a “significant opportunity” to enhance revenue and the technology stack.
- The deal aims to provide Kindcard with the capability to offer secure, all-in-one software and Payments-as-a-Service to high-risk merchants, complementing its existing Pay with Deb wallet and merchant services platform.
- William Clark, OpenTransact’s CEO, sees the acquisition as an exciting potential to revolutionize high-risk transactions.
- Financial details of the proposed transaction are undisclosed.
