Company:Shift4
 | |
| Type | Public company |
|---|---|
| Industry | Payment processing |
| Founded | 1999 (as United Bank Card) |
| Founders | Jared Isaacman |
| Headquarters | Allentown, Pennsylvania, U.S. |
Area served |
|
Key people | Jared Isaacman |
| Revenue |  US$731.4 million (2019) |
| US$37.6 million (2019) | |
| US$58.1 million (2019) | |
| Total assets | US$788 million (2019) |
| Total equity | US$14.1 million (2019) |
Number of employees | 1,753[1] |
| Website | shift4 |
Shift4 is an American payment processing company publicly listed on the New York Stock Exchange and based in Allentown, Pennsylvania.[2][3] The company, founded in 1999 by the then 16-year-old Jared Isaacman, processes payments for over 200,000 businesses in the retail, hospitality, leisure and restaurant industries.[2][4] Shift4 specializes in commerce solutions such as mobile payment software and hardware.[5][6] When the company went public in 2020, Isaacman was still the CEO.[7]
History
While working as an employee of a payment processing company, the 16-year-old Isaacman (who had already earned his GED and gone to work full-time) identified what he saw as inefficiencies in the industry. In response, he launched United Bank Card in his parents' basement in Far Hills, New Jersey.[5][8] At the time, it generally took merchants about one month to set up a payment system and merchants had to pay for their credit card readers and sign a lengthy application. As an alternative, Isaacman's new company cut the set-up time to one day, gave merchants free credit card readers and only required merchants sign a two-page application.[5]
In 2012, United Bank Card rebranded as Harbortouch to better reflect its point-of-sale and payment technology.[5]
Between 2014 and 2017, the company expanded by acquiring multiple payment processing and point-of-sale companies, including Merchant Services Inc. (the same company Isaacman worked for as a teen).[5]
The company rebranded once again in 2017 as Lighthouse Network, with Harbortouch becoming a subsidiary.[9][10]
In 2017, the company - then operating as the Lighthouse Network - acquired payment gateway provider Shift4 Corporation and rebranded itself as Shift4 Payments.[10]
Shift4 went public on the NYSE in June 2020, raising $345 million through its IPO.[4][3] The company is one of the few companies to go public in the months after the start of the COVID-19 pandemic. The company completed its "roadshow" for investors entirely online.[7] The company was the first to ring the bell at the New York Stock Exchange after the trading floor was reopened following its shutdown because of the pandemic.[4]
In November 2020, Shift4 announced the acquisition of 3dcart,[11] an E-commerce platform. In January 2021, Shift4 rebranded this solution as Shift4Shop.[12]
In March 2021, the company announced the acquisition of VenueNext, a provider of point-of-sale and payment solutions for stadiums, arena, and other entertainment venues.[13] A year later, the company announced it acquired Finaro.[14]
Services
The company's business model involves integrating payment processing services into various hardware and software products as well as the gathering of business intelligence.[15][16]
It works primarily in the restaurant, hospitality, retail and e-commerce industries.[7][17] Shift4 also offers cloud-based reporting and analytic software.[6] In 2019, the company processed approximately 3.5 billion transactions.[18]
References
- ↑ "Shift4's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News - Owler Company Profile". https://www.owler.com/company/shift4.
- ↑ 2.0 2.1 Beltran, Luisa (5 June 2020). "Shift4 Payments Is the Latest IPO to Soar Despite Pandemic". Barron's. https://www.barrons.com/articles/shift4-payments-ipo-pandemic-51591380816. Retrieved 3 July 2020.
- ↑ 3.0 3.1 Tse, Crystal; Fioretti, Julia (4 June 2020). "Triple U.S. Trading Debut Caps 2020's Best Week for Listings". Bloomberg. https://www.bloomberg.com/news/articles/2020-06-04/shift4-dada-legend-ipos-set-to-raise-about-1-billion-combined. Retrieved 3 July 2020.
- ↑ 4.0 4.1 4.2 Bary, Emily (5 June 2020). "Shift4 Payments stock surges after IPO in vote of confidence for economic recovery". MarketWatch. https://www.marketwatch.com/story/shift4-payments-stock-surges-after-ipo-in-vote-of-confidence-for-economic-recovery-2020-06-05. Retrieved 3 July 2020.
- ↑ 5.0 5.1 5.2 5.3 5.4 Segran, Elizabeth (13 April 2015). "Meet The Fighter-Jet-Flying 32-Year-Old On Top Of The Payments Industry". Fast Company. https://www.fastcompany.com/3044942/meet-the-fighter-jet-flying-32-year-old-on-top-of-the-payments-industry. Retrieved 3 July 2020.
- ↑ 6.0 6.1 "Shift4Payments, Inc". Yahoo! Finance. https://finance.yahoo.com/quote/FOUR/profile?p=FOUR. Retrieved 3 July 2020.
- ↑ 7.0 7.1 7.2 Balogh, Shannon (6 June 2020). "Shift4 Payments just surged 46% in its public-market debut. Its CEO walked us through the 300-meeting virtual road show it took to launch the IPO.". Business Insider. https://www.businessinsider.com/shift4-payments-ipo-nyse-raises-345-million-virtual-2020-6. Retrieved 9 July 2020.
- ↑ Nivedita, C; Manikandan, Abhishek; Hussain, Noor Zainab; Franklin, Joshua (5 June 2020). "Shift4, Legend Biotech surge in banner week for U.S. IPOs". Reuters. https://www.reuters.com/article/us-shift4-payments-ipo/shift4-payments-surges-nearly-44-in-market-debut-idUSKBN23C29Y. Retrieved 3 July 2020.
- ↑ Salamone, Anthony (22 March 2018). "Lehigh Valley credit card processing company won't relocate headquarters". The Morning Call. https://www.mcall.com/business/mc-biz-lighthouse-network-folo-20180322-story.html. Retrieved 17 July 2020.
- ↑ 10.0 10.1 Nariyanuri, Sampath Sharma (17 January 2018). "Lighthouse Network buys payment processing company Shift4". S&P Global Market Intelligence. https://www.spglobal.com/marketintelligence/en/news-insights/trending/csndjvv3sctbrxjmbi9lsq2. Retrieved 6 July 2020.
- ↑ "Shift4 Payments Acquires 3dcart Ecommerce Platform" (in en-US). 2020-11-05. https://finance.yahoo.com/news/shift4-payments-acquires-3dcart-ecommerce-114500548.html.
- ↑ "Shift4 Payments Rebrands 3dcart, Launches eCommerce Platform Shift4Shop" (in en-US). 2021-01-27. https://www.pymnts.com/news/ecommerce/2021/shift4-payments-rebrands-3dcart-launches-platform-shift4shop/.
- ↑ "Shift4's acquisition of VenueNext paves way for payments in sports, entertainment" (in en-US). 2021-03-10. https://www.paymentsdive.com/news/shift4-venuenext-acquisition-sports-stadium/596464/.
- ↑ Spiro, James (29 March 2022). "Finaro outlines its future plans following acquisition by US-based Shift4". https://www.calcalistech.com/ctechnews/article/s171hex75.
- ↑ "Shift4 Payments Announces Pricing of Public Offering of Class A Common Stock". Yahoo Finance. 10 September 2020. https://finance.yahoo.com/news/shift4-payments-announces-pricing-public-022700867.html. Retrieved 5 October 2020.
- ↑ "Payment Methods Shift4 Introduces Contactless QR Pay Tech". PYMNTS.com. 24 June 2020. https://www.pymnts.com/news/payment-methods/2020/shift4-introduces-contactless-qr-pay-tech/. Retrieved 22 July 2020.
- ↑ Kudo, Hikaru (29 July 2020). "Raiders Thinking Ahead with Shift4 Payments Partnership". Sports Illustrated. https://www.si.com/nfl/raiders/news/las-vegas-raiders-shift4-payments-allegiant-stadium. Retrieved 5 October 2020.
- ↑ Salamone, Anthony (2020-06-05). "Lehigh Valley's Shift4 Payments files to go public with initial price offering". The Morning Call. https://www.mcall.com/business/mc-biz-shift4-payments-initial-public-offering-20200605-krorkxegozbctfmtvcfr37yrde-story.html. Retrieved 3 July 2020.
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