Leading the way in integrated software, Paystone redefines how merchants interact with their customers through integrated automated payment processing and seamless customer engagement. Used in over 30,000 locations in North America and processing a collective 10 billion+ dollars per year in bankcard volume, Paystone boasts astounding growth potential. To aid in their growth post-pandemic, Paystone has secured an investment from Crédit Mutuel Alliance Fédérale’s private equity arm, Crédit Mutuel Equity. This $30 million CAD investment from one of France’s foremost financial institutions will support Paystone’s growth strategy and drive its electronic payment and customer engagement technology beyond its impressive organic growth.
Consistent revenue growth earned Paystone the 84th spot on The Globe and Mail’s 2020 list of Canada’s Top Growing Companies and garnered the attention of Managing Director of Crédit Mutuel Equity, David Dickel, “The company has a comprehensive product roadmap and a very compelling growth strategy, and we intend to further support Paystone in becoming a differentiated leader in this extremely dynamic market.” With this latest funding transaction, Crédit Mutuel Equity becomes a minority shareholder in Paystone, setting the company up for global expansion.
Crédit Mutuel Equity finances and supports business leaders and companies in all stages of development. Bringing together a network of over 350 leaders and entrepreneurs, they ensure businesses benefit from the experiences of others and connect leaders with each other while financially investing in growth strategies internationally. “The support from such a highly respected European investor paired with our existing backers’ positions Paystone to continue to capitalize on both our organic and acquisitive growth strategies,” says Tarique Al-Ansari, CEO of Paystone.
Used by world-renowned and recognized brands across North America, Paystone is setting a precedent for fintech companies. Following their very compelling growth strategy, Paystone employs more than 150 employees, has offices across the country, and has recently completed five acquisitions in the past 18 months. With funding from an investment of this caliber, Paystone sums $99 million in total funds raised in 2021. Giving businesses the ability to gain more customer traction and integrate customer engagement and payment processing, Paystone continues to amass interest in the fintech market. Being the first integrated technology of its kind, Paystone’s history of exponential growth is expected to continue with this latest funding announcement.
“An investment of this size continues to prove Canada’s incredible track record for producing powerhouses in fintech — Paystone being a leader in this space. We’re incredibly excited for Tarique and his team, and what this means for their business, talent and growth. We believe we see the makings of London’s next billion-dollar unicorn.” says Christina Fox, Chief Executive Officer at TechAlliance.
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