King of Prussia's CardConnect Acquired For $350 Million

KING OF PRUSSIA, PA -- CardConnect has agreed to merge with FinTech Acquisition Corp. in a $350 million deal, according to multiple reports.

The King of Prussia startup company, which is seeking to simplify how we use credit cards, will be taken over by FinTech, according to the Philadelphia Business Journal.

The new company will be renamed CardConnect Corp. and the current team at CardConnect will take over running the company, Vista.Today reports.

“CardConnect has developed a straightforward value proposition that provides both large enterprises and smaller merchants a robust platform that optimizes security and the user experience,” CardConnect CEO, Jeff Shanahan said in a statement. “Our new capital structure will support our opportunistic acquisition strategy and our development of new products and technology, which will help scale the business.”

CardConnect, founded in Cleveland, was launched in 2006 and has more than 60,000 users.

No layoffs are reportedly anticipated.

Image courtesy CardConnect.