March 1, 2024

Mergers & Acquisitions

PNC Acquires Florida-Based Point-Of-Sale Company Linga

PNC Financial Services Group bought Linga, a company that offers payment and point-of-sales solutions for the restaurant industry. The amount of the acquisition was not disclosed.

Founded in 2004, Linga runs a cloud-based operating system which offers multiple features like menus with QR codes, virtual kiosks, online payment systems, and online ordering exclusively for the restaurant industry. Linga caters to clients in forty-eight countries across the world.

Emma Loftus, PNC Treasury Management head, said that the acquisition demonstrates PNC’s intention to invest in client-friendly technology and expand its payment capabilities. She also noted that PNC would leverage Linga’s proprietary technology to provide its restaurant-based clients with the tools required to cater to their clients’ ever-changing needs.

Linga plans to retain Onur Haytac, its CEO and founder, along with its team and staff working from the US and Canada. The company’s press release stated that they would continue operating from their offices in Toronto and Naples.

The PNC-Linga deal is another example of banking institutions acquiring fintech companies to address technology gaps.

Recently, Banc of California bought Deepstack Technologies for $24 million to give the bank the technological edge to understand its client’s business needs.

Jared Wolff, President of Banc of California, said that banks with access to the right technology have the opportunity to streamline business payments, enhance reporting capabilities, and provide quick access to funds.

Similarly, JPMorgan Chase announced its decision to buy Renovite, a payments startup, to upgrade its services for merchants to obtain credit card services. Last September, the banking giant also invested in The Infatuation, a restaurant platform.

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