NEW YORK–(BUSINESS WIRE)–On May 25, 2023, Clarion Capital Partners, LLC (“Clarion”) completed an investment in Ready Credit Corporation, including its subsidiary, Reverse ATM, LLC (“Ready Credit”, also dba “Reverse ATM”), a payment solutions platform that enables cashless operations for consumer facing businesses. Ready Credit provides kiosks that convert consumers’ cash instantly into a general use prepaid card, which enables businesses to go cashless while still accepting consumers’ cash. The terms of the transaction were not disclosed.
The new partnership will help Ready Credit accelerate growth, as more merchants transition to cashless operations, and will drive further investment into Ready Credit’s solutions, employees and internal infrastructure. Ready Credit plans to enhance its payment solution capabilities, penetrate new customer end markets and expand geographies as part of its long-term strategy to be a best-in-class payment solutions provider for its customers.
“This transaction is a natural evolution of Ready Credit and Reverse ATM’s rapid market adoption over the last few years,” said Ready Credit’s CEO, Brian Hedberg, who will continue to lead the business. “With this partnership, we expect to enhance our current service offerings to meet the needs of our growing customer base. We believe the transaction will allow us to continue on our successful path, which will benefit our employees as well.”
Matthew Feldman, Managing Director at Clarion, said, “Ready Credit’s market leading position, proprietary technology and exceptional customer value proposition attracted us to the business and is what provides a great opportunity for expansion. We are excited to partner with Brian and the management team to sharpen their strategy and enhance Ready Credit’s offering of cash-to-digital payment solutions.”
“Clarion’s long term investment approach is a great match for the opportunity that lies ahead of Ready Credit and is exactly what the company needs to extend its leadership position in the future,” said Tim Walsh, Ready Credit’s Founder and Executive Chairman.
Hennepin Partners served as the exclusive financial advisor to Ready Credit in this transaction, and Stinson LLP served as its legal counsel. Clarion received legal advice from Brownstein Hyatt Farber Schreck, LLP, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, PC, and Venable LLP. Financing for the transaction was provided by Piper Sandler Finance.
About Ready Credit Corporation
Ready Credit is a fintech company headquartered in Minnesota. Since 2006, Ready Credit has provided innovative, prepaid product solutions that enable businesses to transition to cashless operations while continuing to serve cash-reliant customers. Ready Credit’s patented ReadySTATION® is a self-service kiosk that accepts cash and issues an instant prepaid card. Businesses that currently benefit from Ready Credit’s cashless payments solution include the largest domestic and international airlines and airports throughout the U.S., Canada and Mexico; major and minor league sports and entertainment venues; transit authorities; amusement parks; hospitals; museums and other specialty attractions. Additional information can be found at readycreditcorp.com
About Clarion Capital Partners, LLC
Clarion Capital Partners is a New York based private equity firm that focuses on making control equity investments in lower middle market growth companies. Clarion’s industry focus includes Business & Healthcare Services, Financial Services, Media, Entertainment & Technology, and Consumer & Retail. Additional information on Clarion can be found at www.clarion-capital.com.