Plastiq Acquires SMB Fintech Nearside for $130 Million

On November 1, 2022, Plastiq announced the acquisition of Nearside for $130 million. Nearside was a fintech company providing small and medium-sized businesses with banking, lending, and credit card products through embedded finance partnerships. The acquisition bolsters Plastiq's SMB financial services offering by adding Nearside's banking and credit capabilities to its existing payments platform.

The deal is significant for the embedded finance space as it consolidates SMB-focused fintech products under one platform. Nearside had built its product suite through bank partnerships, making this a notable transaction in the BaaS ecosystem. Financial terms were disclosed at $130 million, though the specific structure of the deal was not detailed in available sources.