Phoenix Check Cashing, Inc. has completed the purchase of the BioPay Paycheck Secure business from Solidus Networks, which does business as Pay by Touch. Terms of the deal were not disclosed.
Solidus announced last month that it would be selling off its assets. Pay by Touch experienced financial problems and as a result decided to sell several businesses including BioPay Paycheck Secure.
The financing for the acquisition was led by WWC Capital Group, a Reston, Va.-based based equity fund. Woodbrook Capital of Baltimore is also a major investor.