Logiq acquires Park Place Payments in transaction valued over $6M

Logiq has acquired Park Place Payments, a fintech company delivering innovative merchant payment solutions and adjacent financial services to SMBs through a nationally distributed local sales force. The company said, "Park Place is at the forefront of the booming gig economy, recruiting, training and motivating its independent account executives through a virtual workplace and online community. The company provides its sales force a unique opportunity to build an unlimited recurring income stream without any financial commitment. Over a relatively short period of time, this network of now more than 1,500 account executives has grown Park Place’s annualized transaction volume to more than $180 million, from which Park Place expects to generate more than $5 million in revenue and positive cash flow this year." Logiq acquired Park Place as a wholly owned subsidiary in an all-stock transaction valued at more than $6 million after the achievement of certain milestones.