Public Sq. acquires buy now, pay later firm Credova
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PublicSq, a publicly-traded sales marketplace that promotes retailers with conservative values, has acquired Credova, a buy now, pay later company that caters to shooting sports and firearms sales.
Why it matters: The all-stock deal will help PublicSq hedge against payment vendors who may not be comfortable servicing certain goods, like guns.
Between the lines: Credova is the only BNPL platform in the country that services guns.
- The company has exclusive partnerships with over 60% of the top online shooting sports retailers.
- "They're the leading point of sale financing firm for the parallel economy, specifically focused on the Second Amendment," PublicSq CEO Michael Seifert told Axios in an interview.
Details: Credova is PublicSq's first acquisition since the firm went public last year. Executives hope that integrating Credova's functionality into its retail marketplace will help increase potential sales for both companies.
- The all-stock deal will give PublicSq access to Credova's 4,250+ merchants and 2.8 million customers.
- With the deal, Credova's leadership and its 18 total employees will all move over to PublicSq, whose management expects the deal to be immediately accretive before any anticipated synergies.
- Credova brought in around $15 million in revenue last year, and is profitable.
The big picture: PublicSq and Credova are part of a larger set of companies looking to build services and products that serve consumers with conservative economic and cultural values.
- That movement was sparked by the aftermath of the January 6th Capitol attack in 2021, when dozens of internet apps, payment systems and shopping platforms removed former President Donald Trump and his campaign.
Bottom line: Credova's CEO Dusty Wunderlich said the deal highlights "our collective dedication to building financial infrastructure that upholds our values and protects our community."
