Embedded fintech leader Payrix today announced it has been acquired by financial technology leader FIS®. This acquisition aligns with Payrix’s strategy to expand its offerings around the world, by embedding payments capabilities within Software-as-a-Service (SaaS) platforms. It will also enable FIS to unlock the value of its broad solution portfolio by delivering embedded finance capabilities in addition to its e-commerce offerings to small- and medium- sized businesses (SMBs).

Payrix specializes in enabling SaaS-based platforms to embed payments into their offerings to enhance the payments experience for SMBs. This acquisition pairs the people, product and technology of Payrix with FIS’s global reach and capabilities, to open doors for clients, now and in the future.

Headquartered in Jacksonville, FL, FIS offers a customer-driven combination of scale, global presence and the industry’s broadest range of global financial solutions—from issuing to acquiring, online and offline, and traditional to integrated payments. FIS will leverage and combine its portfolio of banking and payments assets with Payrix’s advanced embedded payments solutions to create new and differentiated experiences for SaaS businesses.

“Since acquiring Worldpay in 2019, FIS continues to expand its strategic payments capabilities and offerings in global e-commerce,” said Stephanie Ferris, President, FIS. “Bringing the Payrix capabilities inside FIS enables us to continue our journey of serving e-commerce as well as platform companies. The acquisition of Payrix is an excellent proof point of FIS’ ability to unlock the value of our broad portfolio of solutions as companies of all sizes rely on FIS as a destination for innovation to advance how the world pays, banks and invests.”

Supporting FIS’ track record of value-creating acquisitions, the acquisition of Payrix creates a differentiated solution for platforms looking to embed payments and other financial solutions, allowing them to go global, at scale. It also delivers new capabilities including fully digital and automated onboarding, compliance, billing and settlement, enabling FIS to quickly expand into new market segments, especially the high growth SMB e-commerce segment.

Terms of the deal are not disclosed. The acquisition is not expected to be material to FIS’ financial results announced on Feb. 15.

Payrix was acquired from an investor group led by Blue Star Innovation Partners, a Dallas-based investment fund and Providence Strategic Growth (PSG), the growth equity affiliate of global asset management firm Providence Equity Partners.