Deluxe Looks to Buy Celero in a Bid to Bulk up in Payments

Celero Commerce, an active buyer of other payments companies across its relatively brief time in the transaction-processing business, is itself the target of an acquisition in a $625-million deal announced early Thursday. The buyer is Deluxe Corp., which sees the acquisition bulking up its position in providing payments and data services.

Combined, the two companies processed about $70 billion in volume last year, which would indicate the merger will create a top 10 nonbank processor by volume, Deluxe says. Indeed, part of the rationale for the deal is economies of scale and the resulting improved margins for Minneapolis-based Deluxe, the company says.

Outside experts agree. “Deluxe buying Celero makes strategic sense because it moves Deluxe toward real payments scale, and brings a portfolio of bank/ISV channels,” notes Eric Grover, proprietor of the consultancy Intrepid Ventures, in an email message.

Known historically as a check printer, Deluxe in recent years has been active in M&A to build up its position in payments, notably in 2021 with its $960-million deal for First American Payment Systems. Its most recent deal before Celero was its 2025 acquisition of CheckMatch, which brought a foundation in digital lockbox payment services.

With its deal for Brentwood, Tenn.-based Celero, Deluxe bids to pick up an 8-year-old processing provider that has itself grown quickly through M&A. Headed by payments veteran Kevin Jones, the company has acquired more than 10 companies since its start, including, most recently, Petroleum Processing Solutions.

For Deluxe, the key now is to make the match work in practice, and soon. “The price [for Celero] is in line with current market norms for a high‑margin … acquirer,” notes Grover. “Execution will be the critical swing factor. If Deluxe integrates cleanly the deal will be value‑creating; if not, the synergy math evaporates.”