Fintech Adds Consignment-Selling Technology With Nexxus Group Acquisition

Financial Information Technologies (Fintech) has acquired Nexxus Group to expand its B2B payment capabilities.

This acquisition, which closed in May, adds Nexxus Group’s consignment-selling technology to Fintech’s business solutions for the hospitality and retail industries, the companies said in a Wednesday (May 29) press release.

“Combining their leading payment technology for scan-based trading and consignment selling with Fintech’s invoice payment automation software, we can now process and pay all invoice types for retailers of any size,” Tad Phelps, CEO of Fintech, said in the release.

Nexxus Group’s technology facilitates scan-based trading and consignment selling between convenience, grocery and big-box retail stores and their vendor partners, according to the release.

As part of the Fintech platform, the consignment-selling payment software will allow retailers to reduce inventory and enable vendors to assume control of inventory until it is purchased by consumers, the release said. When a consumer’s purchase is completed at the point of sale, the vendor submits an invoice to Fintech for the items that were sold and the payment is initiated between the retailer and the vendor through the Fintech system.

This solution has joined Fintech’s current product portfolio that is used by more than 240,000 consumer-servicing establishments and 5,000 vendors nationwide and enables more than 1.1 million B2B connections, per the release.

“We are excited to contribute to the growth and success of Fintech’s technology portfolio,” Mark Landgren, CEO of Nexxus Group, said in the release. “The resources afforded to us through this combination, in conjunction with Fintech’s recent acquisition of iControl, will accelerate our growth in scan-based trading and consignment selling while supporting Fintech as the leader in B2B payments.”

Fintech closed its acquisition of iControl, a provider of technology solutions for alcohol invoice payments and scan-based trading, in December 2023, according to a March press release.

The company said at the time that the iControl acquisition was part of its continuing efforts to expand its technology offerings for clients.

The electronic payment capabilities of iControl enable clients to access a way to make alcohol payments, access scan-based trading and get more point of sale (POS) data from a syndicated database of on-premises alcoholic beverages.

For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.