Euronet, a Kansas-based provider of payment processing and cross-border transaction services, and CoreCard Corporation, a Georgia-based provider of credit technology solutions and processing services for the financial technology and services sector, have entered into a definitive agreement for Euronet to acquire CoreCard in a stock-for-stock merger.
The transaction values CoreCard at approximately US$248 million, or US$30 per share of its common stock.
The acquisition supports Euronet’s strategic objective of building a more diversified and scalable revenue base, underpinned by modern platforms aligned with the demands of digital financial services globally.
CoreCard’s technology has been adopted by established firms in finance and technology and played a role in the development of a prominent co-branded credit card in the US, launched in partnership with Goldman Sachs.
Its platform architecture allows for rapid deployment, easier integration, and adaptability, qualities increasingly sought after by banks and fintechs embedding financial tools into broader customer experiences.
This flexibility has enabled CoreCard to work with companies like Cardless, the recently named partner for the Coinbase credit card.
“This acquisition is more than a product expansion; we see it as a catalyst for long-term growth, and we expect it to be accretive in the first full year post close,”
said Michael J. Brown, Euronet’s Chairman and Chief Executive Officer.
“By integrating CoreCard’s platform with our Ren architecture and global distribution network, we believe we can become a modern card issuer and a strategic partner for the next generation of digital finance. It is a continuation of our strategy to invest in scalable, higher-margin businesses aligned with long-term market trends.”
Leland Strange, Chief Executive Officer of CoreCard, commented:
“After considerable thought and diligence over the past year to find the right fit, we believe this is a strong outcome for our team and shareholders. Euronet is a company that shares a focus on innovation and has built its own foundation with a strong team and customer-centric approach.”
Featured image credit: Edited by Fintech News America, based on image by diloka107 via Freepik
