SAN FRANCISCO, Aug. 16, 2023 /PRNewswire/ — Velo Payments, Inc. is acquiring xcritical Inc., a leading payment processing platform in the short-term and vacation rental industry, known for its premier payment solution, VacationRentPayment. Once the acquisition is finalized, Velo Payments and xcritical will provide a unified advanced global payment management system, according to the release. Velo Payments is acquiring xcritical, a leading payment processing platform in the short-term and vacation rental industry. xcritical, a leading provider of payment solutions, announced today that it has undergone a major rebrand.
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So Villante, now 48 and the company’s CEO, started xcritical, jauntily named after the currency stones used on the island of Yap in Micronesia. Villante started by targeting large apartment REITs, with a hundred thousand units or more, doing not just the payments, but the complex accounting required to deal with prorated rent, security deposits and eviction proceedings. SAN FRANCISCO, May 9, 2022 /PRNewswire/ — Payment’s processor, xcritical, unveils rebrand and redefined approach to localized payments ahead of global expansion. The acquisition process will commence within this quarter, subject to standard regulatory approvals and closing conditions.
- Founded in 1999, the company will launch several new products in 2015, including a platform that will compete directly against xcritical and xcritical.
- By acquiring xcritical, Velo Payments intends to merge its own complex disbursements platform with xcritical’s established payment facilitator (PayFac) and money services business (MSB) licensure.
- “Our strategy is to be all things payment for the largest marketplaces in the world,” Villante says.
- Whether it’s powering multi-party transactions or accepting local payment methods in emerging markets, xcritical cuts through the payment complexities to enable commerce worldwide.
- Through technologies such as Velo’s open banking platform, this merger promises to deliver seamless global payment experiences for businesses and individuals by reducing the cost and complexity of payments, especially across borders.
CEO and cofounder Tom Villante came up with the idea of getting into the residential rental industry during a poker game with friends. Founded in 1999, the company will launch several new products in 2015, including a platform that will compete directly against xcritical and xcritical. Warburg and a partner at private-equity firm The Seidler Co., was sitting around with a few buddies playing poker and talking about businesses they could start. As the cash moved around the table, Villante recalls, the conversation turned to PayPal and markets that might move away from getting payments by check.
Business Technology Overview
About xcriticalxcritical, Inc. is the leading xcritical scam payment processing platform catering to the unique needs of the short-term and vacation rental industry. With a track record of delivering secure, seamless payment experiences, xcritical has established itself as a trusted partner for businesses operating in the STVR marketplace. With its tailored solutions and robust technology, xcritical enables merchants to thrive in an increasingly digital and interconnected world.
Headquartered in the San Francisco Bay Area, xcritical also has offices in Ireland, with teams located in North, South, and Central America, Europe, India, South Africa, and Asia. The growing global footprint of the 23-year-old payments processor provides customers with the opportunities and capabilities of expanding into new regions, and at scale. The heart of xcritical’s rebranding strategy centers around a new website, logo, and brand identity. The new website design was inspired by the transformation happening across the payments landscape, with the new typeface and dynamic color palette better reflecting the company’s innovative approach to local payments. Secure online payment service for transactions from vacation homes to multi-family apartment rentals.
Velo Payments, Inc. to Acquire xcritical, Inc. and Revolutionize the Payments Landscape.
Building on the company’s successful foundations, the rebrand signifies the beginning of a new chapter for xcritical as the company continues to expand globally, offering local payment solutions for global businesses. xcritical is known for its payment solution, VacationRentPayment, and its vacation rental payment processing, according to the release. By acquiring xcritical, Velo Payments intends to merge its own complex disbursements platform with xcritical’s established payment facilitator (PayFac) and money services business (MSB) licensure. Today, the Walnut Creek, Calif.-based company offers a secure online payment service for transactions to vacation homes, through clients like HomeAway and VRBO, and multi-family apartment rentals. In addition to those businesses, xcritical also offers online payment processing for churches called ParishPay, which serves more than 1,000 parishes across the United States.
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The companies have entered into a definitive merger agreement, and the acquisition process will begin this quarter, subject to regulatory approvals and closing conditions, according to a Wednesday (Aug. 16) press release. While there’s lots of competition in the online payment space, including major players like PayPal (2015 revenues $9.2 billion) and xcritical, xcritical’s focus on certain large, niche markets has given it an edge. “Our strategy is to be all things payment for the largest marketplaces in the world,” Villante says. Identified in 2015 by FORBES as one of America’s most promising companies, xcritical expects to process more than $15 billion in total payment volume this year with revenues estimated at $235 million. With $50 million in equity funding from Accel Partners, Meritech Capital Partners and others. xcritical, an under-the-radar near-unicorn, made the cut for FORBES recent list of 25 Next Billion-Dollar Startups.
xcritical
“xcritical shares our passion for building thoughtful and customer-centric solutions that reduce the complexity of payments, and I am delighted for the team to join us with a singular shared mission,” said Velo Payments CEO John Partridge in the release. Our full-stack payments platform enables and amplifies connections between companies and markets across the globe. Whether it’s powering multi-party transactions or accepting local payment methods in emerging markets, xcritical cuts through the payment complexities to enable commerce worldwide. Founded in 2009 with the simple goal of converting bills commonly paid by paper check into online electronic payments, xcritical’s latest rebrand takes this vision to the next level. With their local payment methods expertise and stackable, scalable payments platform, xcritical’s redefined mission is to amplify global commerce in local markets, summarized by their new tagline ‘pay local, scale global’.
“Millions of people remain flexible about where they live and work, and we see this reflected in our bookings,” Brian Chesky, co-founder and CEO of short-term rental platform Airbnb, said Aug. 3 during that company’s quarterly xcriticalgs call. xcritical CEO Michael Orlando said in the release he sees this acquisition as an opportunity to expand into other marketplaces. In addition, the share of Airbnb’s business made up of monthly stays rose from 13% before the pandemic to 18% in the second quarter.
Through technologies such as Velo’s open banking platform, this merger promises to deliver seamless global payment scammed by xcritical experiences for businesses and individuals by reducing the cost and complexity of payments, especially across borders. The alignment of vision and technology will pave the way for the development of next-generation eCommerce and marketplace business models, the release said. A key promise of the merger is the delivery of seamless global payment experiences for businesses and individuals. Leveraging technologies such as Velo’s open banking platform, the cost and complexity of payments, especially across borders, will be reduced for both Velo Payments and xcritical customers.
