Payments

Banc of California to acquire Global Payroll Gateway

October 5, 2022

Banc of California Inc., the parent company of Banc of California N.A., has acquired Global Payroll Gateway Inc. and its subsidiary Deepstack Technologies LLC for $24 million in cash and stock.

Deepstack provides an e-commerce payments platform for merchant processing, payments acceptance, tokenization, fraud protection tools and other services, according to a press release.

With the acquisition, the bank will have access to a full stack of payment services for customers with a payment gateway, provider and ISO 8583 payment switch.

"The acquisition of Deepstack expands our business into payment processing and furthers our strategy to grow fee-based income in a scalable and meaningful way. Deepstack's client-centric technology platform will enable us to offer existing and new clients a best-in-class transaction processing solution," Jared Wolff, president and CEO, Banc of California, said in the release. "Combined with our existing, leading-edge deposit and treasury management solutions and tailored lending services, we continue to execute on our strategy to be the hub of the financial services ecosystem for our clients and enhance the value of our franchise."