In today’s rapidly evolving financial landscape, Thomas Priore stands out as a visionary leader who has consistently predicted the convergence of payments and banking. As the CEO of Priority, he has pioneered a unified commerce approach that combines both services on a single platform.
“We’ve put our chips on the table that traditional acquiring is a dinosaur,” says Priore. His company has moved beyond simple card acquiring to offer comprehensive commerce solutions that blend acquiring, banking, and payables into a seamless experience.
This forward-thinking approach has yielded impressive results. Priority reported 20% revenue growth year over year in the third quarter of 2024, reaching $227 million. The company’s B2B segment saw a remarkable 58.3% revenue increase, largely due to Priority’s acquisition of Plastiq, a platform that enables faster transactions and maximizes business capital.
Thomas Priore notes that the demand for embedded financial services accelerated during the COVID-19 pandemic and shows no signs of slowing down. “Higher interest rates, recognition of how to optimize vendor networks, and the implementation of AI to help identify opportunities is going to make this a very lucrative area over the next five years,” he stated.
Priority’s banking solutions provide businesses with tools to optimize cash flow and manage finances. The Priority Commerce Engine enables businesses to automate invoicing and payment collection, simplify vendor payments, and gain real-time insights into financial performance.
With 4 different product lines working in harmony, Priority offers a comprehensive solution that addresses the needs of modern businesses. By bringing together payments processing and banking services, Thomas Priore has positioned Priority at the forefront of the fintech revolution, helping businesses of all sizes streamline their operations and improve their bottom line.