Paystone raises $23.8m for payments and engagement platform
Canadian payments firm Paystone has raised $23.8 million from Crédit Mutuel Equity, the private equity arm of Crédit Mutuel Alliance Fédérale.
Paystone CEO Tarique Al-Ansari (left) and CFO Abdullah Saab (right)
Founded in 2008 as Zomaron, Paystone offers electronic payments and engagement services to corporates and businesses.
The firm produces both a payments portal and an online tool providing a digital front end for clients.
The goal is to help businesses to build out loyalty programmes and rewards and encourage engaging behaviour like referring a friend.
This latest injection follows a $54.9 million fundraise from January, which founder Tarique Al-Ansari tells TechCrunch has barely been touched.
Paystone broke into the US market in 2021, and plans to kick off a full launch sometime before the start of 2022.
The company claims to have more than 30,000 merchant locations in North America, with a further 5,000 expected to join soon.
“We want to become the go-to destination for service businesses to set up a digital presence to accept payments and provide loyalty and rewards,” Al-Ansari says.
