Paystone raises CAD 69m with support from Canada business fund
Quebec-based Paystone has raised CAD 69 million ($54.2m) in a private equity round supported by the Canadian Business Growth Fund (CBGF).
Paystone CEO Tarique Al-Ansari (left) and CFO Abdullah Saab (right)
Paystone provides automated payment processing, customer loyalty, and gift card solutions.
The firm is using the funds to fuel growth in customer engagement services and electronic payment processing solutions.
The funding round consisted of a combination of equity and debt financing, the latter provided by the National Bank of Canada.
“This financing round accelerates Paystone’s vision,” says Tarique Al-Ansari, the firm’s CEO.
“We are transforming payments acceptance by integrating marketing automation with electronic payments, enabling merchants to grow their revenues.”
Paystone claims 25,000 merchant locations, driven by “unprecedented adoption rates” in the wake of the COVID-19 pandemic.
The firm says its clients collectively process more than $10 billion a year in bank-card volume.
“Paystone’s organic growth trajectory is impressive and supported by an ambitious acquisition strategy,” says George Rossolatos, CEO of CBGF.
“We believe Tarique and his team have the skills and experience to continue to execute on their plans to grow.”
Related: IBM buys Canadian fintech Expertus to bolster payments offerings
