Paystone, a payments and integrated software company, announces it secured $69 million in strategic financing from the Canadian Business Growth Fund (CBGF) and the National Bank of Canada. Founded in 2009, Paystone claims to be a leading payment and software company redefining the way merchants engage their customers and grow their businesses.
“Hey, we’re Paystone. Our payment, loyalty, gift card, and customer engagement solutions are used at over 25,000 business locations across North America, including Aldo, The Source, and 50 of the MTY Food Group’s restaurant brands.”
Paystone further revealed that the funds will be used to fuel growth in customer engagement services and electronic payment processing solutions. Tarique Al-Ansari, CEO of Paystone, also stated:
“This financing round accelerates Paystone’s vision. We are transforming payments acceptance by integrating marketing automation with electronic payments, enabling merchants to grow their revenues.”
Paystone also shared it marked the first investment in a Southwestern Ontario-based business for CBGF and adds more Quebec presence to CBGF’s portfolio. George Rossolatos, CEO of CBGF, commented:
“Paystone’s organic growth trajectory is impressive and supported by an ambitious acquisition strategy. We believe Tarique and his team have the skills and experience to continue to execute on their plans to grow Paystone into a leading provider of all-in-one payment solutions and deliver unmatched value to small and medium-sized enterprises across North America.”
Miller Thomson acted as Paystone’s legal counsel, PricewaterhouseCoopers conducted the due diligence and tax advisory for this transaction, KPMG acted as the auditors to Paystone and Alchemy Capital acted as Paystone’s financial advisor.
