AppTech Payments Corp. inks Definitive Agreement to Purchase FinZeo

GlobeNewswireOctober 16, 20235 min

AppTech Payments Corp. (NASDAQ: APCX) (“AppTech” or the “Company”), a pioneering Fintech company powering frictionless commerce between business to business and business to consumer, announced that it has signed a definitive agreement for the purchase of Alliance Partners, LLC, the owners of FinZeo, a software development company centered around the movement of money, nationally and globally. This transaction aligns with AppTech’s recent initiatives, reinforcing the company’s commitment to developing innovative technologies, driving global expansion through strategic partners, and exploring M&A opportunities to create revenue synergies and expand product offerings.

FinZeo was founded in 2018 and is dedicated to delivering innovative payment and banking technology solutions for businesses of all sizes. By integrating the FinZeo platform, AppTech believes it can augment its technology offerings, furnishing users with cutting-edge tools accessible via online portals or through an API.

FinZeo’s API enables AppTech to efficiently integrate with software providers and Independent Software Vendors (ISVs), facilitating rapid technology implementation. The onboarding process for ISVs will be streamlined with the support of video tutorials, a dedicated customer center, and a sandbox API environment. With the assimilation of FinZeo, AppTech evolves into a Payment Facilitator (PayFac), propelling the company’s aggregation model.

“We believe that the integration of FinZeo will cement AppTech’s status as a leader in specialty payments,” commented Luke D’Angelo, AppTech’s Chairman & CEO. “We believe that FinZeo’s product line enhances our Commerse™ platform, offering a comprehensive PaaS and BaaS solution. This move will not only amplify our product capabilities but also extend our market influence, especially concerning significant airport contracts throughout the United States.”

The management of AppTech believes that the closing of this strategic acquisition can help propel enhancements to AppTech’s Commerce platform, clearing the project roadmap and positioning the Company at the forefront of technological progress. FinZeo enables capabilities to now span all banking-as-a-service products, such as virtual accounts and cards, and encompass money transmitter licenses, thus complementing AppTech’s existing product suite.

One of AppTech’s new standout features is its digital onboarding and underwriting process, which accelerates the implementation of new fraud protection measures, fortifying the payment and banking sectors. This integration will empower AppTech with comprehensive control over funds and the approval procedure.

In addition to the integration of product, a pivotal aspect of this union will be the acquisition of FinZeo’s vast resources, including a seasoned software technology team and a management and sales division boasting over 20 years of sales experience in payment processing.

“Additionally, with FinZeo’s inclusion, we foresee an expedited global expansion, complemented by our strategic alliances with InstaCash and PayToMe. We’re excited to have FinZeo’s team of professionals join AppTech upon closing this transaction, and together, we aim to redefine the global payment ecosystem,” Luke D’Angelo concluded.

This transaction is intended to be completed by October 31, 2023, subject to the satisfaction of customary closing conditions.

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