Exhibit 99.3

Unaudited pro forma condensed combined financial information

(in thousands)

On June 1, 2021, Deluxe Corporation (“Deluxe”) acquired all of the equity of FAPS Holdings, Inc. (“FAPS” or “First American”) in a cash transaction for $956,717, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired, subject to customary adjustments under the terms of the acquisition agreement. The preliminary allocation of the purchase price to the assets acquired and liabilities assumed resulted in non-tax deductible goodwill of $736,308. The transaction resulted in goodwill as First American provides an end-to-end payments technology platform, which Deluxe believes will provide significant leverage to accelerate organic growth.

In June 2021, Deluxe executed a new credit agreement that provides for a 5-year revolving credit facility with commitments of $500,000 (the “Revolving Credit Facility”) and a term loan facility in the amount of $1,155,000 (the “Term A Loan Facility”, and together with the Revolving Credit Facility, the “New Credit Facilities”). The Revolving Credit Facility includes a $40,000 swingline sub-facility and a $25,000 letter of credit sub-facility. Deluxe’s previous credit facility agreement was terminated contemporaneously with Deluxe’s entry into the new credit agreement and was repaid utilizing proceeds from the New Credit Facilities. Deluxe also utilized the proceeds from the New Credit Facilities to complete the acquisition of First American in June 2021 and to pay related debt issuance costs. In June 2021, Deluxe issued $500,000 of 8.0% senior unsecured notes that mature in June 2029 (the “senior notes”). The senior notes were issued via a private placement under Rule 144A of the Securities Act of 1933. Proceeds from the senior notes offering, net of discount and offering costs, were $490,741, resulting in an effective interest rate of 8.3%. The net proceeds from the senior notes offering were used to fund the acquisition of First American in June 2021.

The following unaudited pro forma condensed combined balance sheet as of March 31, 2021 and the unaudited pro forma condensed combined statements of comprehensive income for the three months ended March 31, 2021 and the year ended December 31, 2020 are based on the historical consolidated financial statements of Deluxe and FAPS. The unaudited pro forma condensed combined statements of comprehensive income give effect to the acquisition of FAPS and related financing as if it had occurred on January 1, 2020, and for purposes of the pro forma condensed combined balance sheet, as if it had occurred on March 31, 2021.

The unaudited pro forma condensed combined financial information does not necessarily reflect what the combined company’s financial condition or results of operations would have been had the acquisition of FAPS and the related financing occurred on the dates indicated. They also may not be useful in predicting the future financial condition and results of operations of the combined company. The combined company’s actual financial condition and results of operations may differ materially from the pro forma amounts reflected herein due to a variety of factors.

An updated determination of the fair value of First American’s assets acquired, and liabilities assumed, will be performed within one year of the closing of the acquisition. The final purchase consideration allocation may be materially different than the preliminary purchase consideration allocation presented in the unaudited pro forma condensed combined financial information. Any changes in the fair values of the net assets or total purchase consideration as compared with the information shown in the unaudited pro forma condensed combined financial information may change the amount of the total purchase consideration allocated to goodwill and other assets and liabilities and may impact the combined company’s balance sheet and statement of comprehensive income. As a result of the foregoing, the pro forma adjustments are preliminary and have been made solely for the purpose of providing unaudited pro forma condensed combined financial information. Differences between these preliminary estimates and the final acquisition accounting may arise, and these differences could have a material impact on the accompanying unaudited pro forma condensed combined financial information and the combined company’s future results of operations and financial position.

The following unaudited pro forma condensed combined financial information and related notes are based on and should be read in conjunction with the audited and unaudited historical financial statements and related notes of each of Deluxe and First American included elsewhere in this Form 8-K/A or included in Deluxe’s filings with the Securities and Exchange Commission. Assumptions underlying the pro forma adjustments are described in the accompanying notes, which should be read in conjunction with the unaudited pro forma condensed combined financial information.

Revision – As discussed in Deluxe’s quarterly report on Form 10-Q for the second quarter of 2021, during the second quarter of 2021, Deluxe identified errors in the calculations of the goodwill impairment charges recorded during the first quarter of 2020 and the third quarter of 2019, resulting in an understatement of the goodwill impairment charges and net losses and an overstatement of goodwill. The errors in Deluxe’s calculations resulted from the erroneous application of the simultaneous equation method, which effectively grosses up the goodwill impairment charge to account for the related income tax benefit, so that the resulting carrying value does not exceed the calculated fair value.

The adjustments for 2020 resulted in an increase of $3,776 in the pretax asset impairment charges. Net of the related tax benefit of $212, this resulted in an increase in net loss of $3,564 for 2020 and a decrease in net income of $3,563 for the year ended December 31, 2020. The impact of the revision on the consolidated statement of comprehensive loss for the year ended December 31, 2020 was as follows:

The impact of the revision on the consolidated balance sheet as of March 31, 2021 was as follows:

Unaudited pro forma condensed combined balance sheet
as of March 31, 2021
(Dollars in thousands)

Refer to the accompanying notes to the unaudited pro forma condensed combined financial information.

Unaudited pro forma condensed combined statement of comprehensive income
for the three months ended March 31, 2021
(Dollars in thousands)

Refer to the accompanying notes to the unaudited pro forma condensed combined financial information.

Unaudited pro forma condensed combined statement of comprehensive income (loss)
for the year ended December 31, 2020
(Dollars in thousands)

Refer to the accompanying notes to the unaudited pro forma condensed combined financial information.

Notes to unaudited pro forma condensed combined financial information

Note 1 – Basis of presentation

The accompanying unaudited pro forma condensed combined financial information and related notes were prepared pursuant with Article 11 of SEC Regulation S-X as amended by the final rule, Release No. 33-10786 “Amendments to Financial Disclosures about Acquired and Disposed Businesses.” The unaudited pro forma condensed combined statements of comprehensive income for the three months ended March 31, 2021 and the year ended December 31, 2020 combine the historical consolidated statements of comprehensive income of Deluxe and First American included in the applicable 2021 first quarter financial statements and 2020 year-end financial statements, giving effect to the merger as if it had been completed on January 1, 2020. The accompanying unaudited pro forma condensed combined balance sheet as of March 31, 2021 combines the historical consolidated balance sheets of Deluxe and First American included in the applicable 2021 first quarter financial statements, giving effect to the acquisition of FAPS as if it had been completed on March 31, 2021.

Deluxe and First American’s historical financial statements were prepared in accordance with U.S. GAAP. As discussed in Note 2, certain information of First American, as presented in its historical financial statements, has been reclassified to conform to the historical presentation of Deluxe’s financial statements for purposes of preparing the unaudited pro forma condensed combined financial information. Further, there were no material transactions and balances between Deluxe and First American as of and for the three months ended March 31, 2021 and the year ended December 31, 2020.

The accompanying unaudited pro forma condensed combined financial information and related notes were prepared using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations, with Deluxe considered the acquirer of First American. ASC 805 requires, among other things, that the assets acquired, and liabilities assumed in a business combination be recognized at their fair values as of the acquisition date. For purposes of the unaudited pro forma condensed combined balance sheet, the purchase consideration has been allocated to the assets acquired and liabilities assumed of First American based upon management’s preliminary estimate of their fair values as of June 1, 2021. The excess of the acquisition consideration over the fair value of assets acquired and liabilities assumed is allocated to goodwill. Accordingly, the purchase price allocation and related adjustments reflected in these unaudited pro forma condensed combined financial information are preliminary and subject to revision based on a final determination of fair value. The acquisition consideration as well as the estimated fair values of the assets and liabilities will be updated and finalized as soon as practicable, but not later than one year from the closing of the acquisition. Deluxe believes that its assumptions and methodologies provide a reasonable basis for presenting all of the significant effects of the acquisition of FAPS and the debt financing based on information available to management at the time of preparation of the unaudited pro forma condensed combined financial information and that the pro forma transaction accounting adjustments give effect to those assumptions and are properly applied in the unaudited pro forma condensed combined financial information.

Note 2 – Reclassification adjustments

As part of preparing the unaudited pro forma condensed combined financial information, management performed a preliminary analysis of First American’s financial information to identify differences in accounting policies as compared to those of Deluxe and differences in financial statement presentation as compared to the presentation of Deluxe.

Refer to the table below for a summary of identified reclassification adjustments made to present First American’s consolidated balance sheet as of March 31, 2021 to conform presentation to that of Deluxe and to Note 4 in relation to adoption of leasing standard ASC 842 for additional information:

*Amounts may not sum due to rounding.

Refer to the table below for a summary of reclassification adjustments made to First American’s consolidated statement of comprehensive income for the three months ended March 31, 2021 to conform presentation:

Refer to the table below for a summary of reclassification adjustments made to First American’s consolidated statement of comprehensive income for the year ended December 31, 2020 to conform presentation:

Note 3 - Preliminary purchase price allocation

On June 1, 2021, Deluxe acquired all of the equity of First American in a cash transaction for $956,717, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired, subject to customary adjustments under the terms of the acquisition agreement. The preliminary allocation of the purchase price to the assets acquired and liabilities assumed resulted in non-tax deductible goodwill of $736,308. The transaction resulted in goodwill as First American provides an end-to-end payments technology platform, which Deluxe believes will provide significant leverage to accelerate organic growth.

The acquisition was accounted for as a business combination and the preliminary allocation of the purchase price to the assets acquired and liabilities assumed was based upon preliminary valuations performed to determine the fair values of the acquired items as of the acquisition date. As these valuations, particularly as they relate to intangible assets, were preliminary, they may be adjusted for up to one year after the closing date to reflect final valuations. The following illustrates the preliminary allocation of the purchase price, as of June 30, 2021, to the assets acquired and liabilities assumed:

Note 4 – Adjustments to the unaudited pro forma condensed combined balance sheet

Refer to the items below for a reconciliation of the pro forma adjustments reflected in the unaudited pro forma condensed combined balance sheet:

(i) In relation to the Term A Loan Facility, the Revolving Credit Facility, and the senior notes due 2029, estimated debt issuance costs amount to $14,100, $5,400 and $8,400, respectively. The deferred debt issuance costs related to the Term A Loan Facility and the senior notes due 2029 are presented as a direct deduction from the face amount of the debt, while the deferred debt issuance costs related to the Revolving Credit Facility are classified as other assets.

The fair values of the intangible assets were determined using income approaches based on specific data provided by Deluxe and First American. Market participant assumptions were also used in valuation analysis where appropriate.

The fair values of the customer-related and partner relationship intangible assets were determined by using an income approach, specifically a multi-period excess earnings method (MPEEM), which is a commonly accepted valuation approach. The MPEEM is a specific application of the discounted cash flow (DCF) method. The principle behind the MPEEM is that the value of an intangible asset is equal to the present value of the incremental after-tax cash flows attributable only to the subject intangible asset after deducting contributory asset charges (CAC). The principle behind a CAC is that an intangible asset ‘rents’ or ‘leases’ from a hypothetical third party all the assets it requires to produce the cash flows resulting from its development, that each project rents only those assets it needs (including elements of goodwill) and not the ones that it does not need, and that each project pays the owner of the assets a fair return on (and of, when appropriate) the value of the rented assets.

The fair values of the trade names and technology-based intangibles were also determined by using an income approach, specifically the Relief-from-Royalty Method, which is a commonly accepted valuation approach. The basic tenet of the Relief-from-Royalty Method is that without ownership of the subject intangible asset, the user of that intangible asset would have to make a stream of payments to the owner of the asset in return for the rights to use that asset. By acquiring the intangible asset, the user avoids these payments.

First American’s historical income taxes payable have also been removed.

(i) The deferred debt issuance costs related to the term loan and senior unsecured note of $14,100 and $8,4000, respectively are presented as a direct deduction from the face amount of the debt, while the deferred debt issuance costs related to the Revolving Credit Facility are classified as other assets.

Note 5 – Adjustments to the unaudited pro forma condensed combined statements of comprehensive income

Refer to the items below for a reconciliation of the adjustments reflected in the unaudited pro forma condensed combined statements of comprehensive income:

The table below sets forth the impact that a 0.125% increase or decrease in the hypothetical assumed interest rate would have on interest expense for the relevant periods for only the variable rate debt (the Term A Loan Facility and the Revolving Credit Facility). For the purposes of these unaudited pro forma condensed combined financial information, Deluxe assumed a drawdown of $198,000 of total available $500,000 of the Revolving Credit Facility.