Shift4 Buys Crypto Donation Firm The Giving Block for Up to $300M
The payment services company is paying $54 million upfront with potential payments of up to $246 million.
Mar 1, 2022 at 12:53 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/IBRCEIHT6RG7HE4IUPUDPKEEJY.jpg)
Donate button on keyboard (Shutterstock)
Payment technology provider Shift4 has bought crypto donation marketplace The Giving Block, Shift4 said on Tuesday.
- The deal is for an upfront payment of $54 million and potential payment of up to $246 million, which consists of 75% stock and 25% cash, Shift4 said in an investor presentation.
- The Giving Block had $5 million in revenue last year, and that is expected to at least double in 2022. The deal will add at least $5 million in adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) to Shift4 in 2023.
- The Giving Block offers users a marketplace to make donations to more than 1,300 nonprofits via cryptocurrencies.
- Shift4 also acquired e-commerce services provider Finaro, the company said.
- Shares of Shift4 (FOUR) were down over 4% during premarket trading on the New York Stock Exchange.
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