Brian Shanahan was creating and buying “fintech” companies before anyone had coined the term. He’s operated in the sector for 25 years, mostly before the idea of using computer programs and other technology to enable banking and financial services caught fire. Eleven years ago, when Shanahan launched his fourth company, CardConnect Corp., he was signing brick-and-mortar businesses like restaurants and coffee shops as customers.

“Fintech was in its infancy,” said Shanahan, now managing partner at PCG Capital. “Things weren’t integrated into people’s software systems, they were standalone. You’d swipe your credit card through a reader at the register. Now software integration is the king. Those hardware boxes have been made someone virtual and software’s been integrated into the point of sales systems, order entry systems, logistic systems. And the fintech space is so robust today, it’s growing like gangbusters.”

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Pineapple Upside

Shanahan today is off and running with what may be his most ambitious endeavor to date: Pineapple Payments, his fifth payment processing company in 25 years. Consider it a punctuation of the growing local momentum for fintech firms. He said he intends to invest at least $80 million – $20 million of it his – to acquire local companies and properties as he builds his new venture, aimed at the business-to-business and government markets.

“Pretty much everything I need is here,” Shanahan said. “Where I have an edge is, I live in Pittsburgh, I’ve done private equity deals and have access to private equity firms and can make a compelling case. And I’ve taken a company public.”

Pineapple Payments plans to grow through acquisitions as well as organically. It’s a formula he used before with CardConnect, the electronic processor of credit and debit cards for merchants he founded in 2006. CardConnect merged with FinTech Acquisition Corp. last year in a $438 million transaction, becoming public in the process. Shanahan is its largest individual stakeholder and served as chairman until he stepped down to start Pineapple Payments last fall.

Original Article Published March 24, 2017 by Patty Tascarella of the Pittsburgh Business Times. To read the full article click here.