US paytech Fortis expands into Canada, acquires SmartPay
US-based paytech Fortis has announced it has expanded into Canada and has acquired fellow embedded payments provider SmartPay for an undisclosed sum.
Fortis expands into Canada, acquires SmartPay
By expanding into Canada, Fortis will be able to offer its embedded payment technology to Canadian software platforms and businesses, with firms able to access the full suite of Fortis’ solutions via API integration with their existing payment software. The roll-out supports credit card processing and Interac debit acceptance, with electronic funds transfer (EFT) for B2B and recurring payments clients coming soon.
Additionally, the company has also launched a new settlement feature called Secondary Amount, which allows integrated software partners to assess and collect platform fees when processing payments. Fees can be assessed as part of a single transaction and deposited separately.
Acquisition of SmartPay
Fortis has also acquired fellow embedded payments solution provider SmartPay, saying the company has “strong partnerships” in the enterprise software and enterprise resource planning (ERP) ecosystems. SmartPay founders and former managing partners Mike Sheffey and Nate Schloss will join the Fortis leadership team as part of the acquisition.
With the acquisition, Fortis says it will be able to access a “skilled” team of integrated payments professionals and leverage SmartPay’s relationships to strengthen its ability to serve scaling businesses in complex markets.
