Adding to the wave of payments providers looking to strengthen their integrated payments offerings, recent payments startup Pineapple Payments announced last Friday (Oct. 27) that it has acquired payment facilitator Payline Data Services.
Payline Data has been making a name for itself in the industry throughout the past year. This spring, it launched a new payment facilitation platform for software companies looking to integrate payments into their offerings for business customers.
The company was subsequently recognized for Best Payment Facilitator Integration as part of the Electronic Transactions Association’s Tech Innovation Showcase Awards a couple of months later. It has also been on Inc. Magazine’s 500 Fastest Growing Companies list for the past two years.
“Payline’s PayFac capabilities play a very important role in this acquisition,” Carlton van Putten, senior vice president of revenue for Payline, told PaymentFacilitator.com. “Pineapple needs that capability to execute their technology strategy for SaaS and marketplace ISVs. When you have Pineapple’s technology and Payline’s banking relationships, it’s the perfect match.”
Pineapple Payments was launched in 2016 by Brian Shanahan. Shanahan also founded CardConnect, which was acquired by First Data earlier this year.
Pineapple says that it is focused on “mid-market e-commerce, SaaS, and enterprise technology integrations.” Payline currently serves almost 10,000 merchants and processes more than $2 billion annually, the company said.
“[Payline CEO] Jeff Shea and his team are more than impressive,” Shanahan said in a press release.
“Their rise in the industry and long-standing dedication to their merchant base speaks for itself. We have no doubt that our support will only enable Payline to further enhance the already incredible payments offering provided to Payline merchants. The collective vision between our two companies is aligned for success, and we are delighted that Payline is joining our Pineapple family.”