Consumer banking solutions provider Priority Technology has acquired payroll solutions provider Rollfi for an undisclosed sum.
Rollfi helps financial service providers integrate payroll and benefits into their services.
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With the backing of Priority, Rollfi partners can now tap into financial infrastructure, including money movement rails that power over $1tn in commerce, connections with over 20 Tier 1 and regional processing banks, and nationwide money transmitter licences.
Priority is an integrated payments and banking platform that helps businesses simplify financial operations, enhance cash flow, and reduce costs.
Priority CEO Tom Priore said: “Payroll is a critical component of any company’s working capital needs. This acquisition unites Priority’s robust financial infrastructure with Rollfi’s innovative payroll and benefits solutions, positioning us to deliver even greater value to our customers by enabling new routes to accelerate their cashflow and optimize their working capital.”
Rollfi founder Kirubha Perumalsamy stated: “Joining forces with Priority enables Rollfi to amplify its mission of delivering fast, seamless payroll and benefits solutions. With Priority’s proven infrastructure and expertise in embedded fintech, we can drive even greater innovation and help our partners unlock meaningful growth opportunities for their customers.”
In the third quarter (Q3) of 2024, Priority generated $227m in revenue, which marks a 20.1% rise from $189m in the same quarter of 2023.
The company’s adjusted gross profit also reported growth, climbing 18.9% year-on-year to $86m.
However, its adjusted gross profit margin experienced a fall of 40 basis points, settling at 37.9% from the previous year’s 38.3%.
