PNC’s fintech incubator numo has acquired debit gateway technology and business firm Sentral, which helps large publishers track debit network transactions in the card-linked offer (CLO) space.
Established in 2018, Sentral collaborates with debit card networks in the US and Canada to build a single-source gateway to allow the participation of debit cards in the CLO market.
Its platform provides one point of integration for CLO programme providers to reach all debit networks efficiently and thereby, access debit transactions for participating cardholders.
numo CEO David Passavant said: “Our acquisition of Sentral provides an exciting opportunity to deliver infrastructure that dramatically improves connectivity between merchants and processing networks.
“We see Sentral as a platform for enabling innovation that benefits everyone in the CLO ecosystem, and we’re thrilled to bring them into numo.”
Sentral CEO and co-founder Steve VanFleet added: “This is an important next step for Sentral’s vision, providing the resources and market presence of a PNC-owned company to complete the establishment of the debit gateway functionality for the CLO industry, while looking to expand additional infrastructure services within the CLO market.”
Following the transaction, Sentral will operate within the numo portfolio of companies, while VanFleet will remain as its president.
Numo said it will continue to carry out Sentral’saimof delivering comprehensive connectivity between offer publishers and debit networks.
The incubator also plans to utilise Sentral technology to bolster its other initiatives in the space that directly benefit large and small merchants, financial institutions and consumers.