Paystone snaps up merchant services provider Canadian Payment Services
Canadian fintech Paystone has acquired card and merchant services provider Canadian Payment Services (CPS).
Paystone CEO Tarique Al-Ansari
The deal marks the latest in a string of acquisitions for Paystone, with five other businesses snapped up by the company in the past two years.
Although the terms of the deal have not been disclosed, Paystone CEO Tarique Al-Ansari says it is the firm’s largest acquisition to date “in relation to both new revenue and clients”.
Al-Ansari adds the deal will “provide additional value to CPS merchants through Paystone’s proprietary product and service offerings”.
Founded in 2008 as Zomaron, Paystone offers electronic payments and customer engagement services to businesses.
The firm produces both a payments portal and an online tool providing a digital front end for clients.
Paystone also offers Software-as-a-Service (SaaS) products including gift and loyalty solutions, reputation marketing and marketing automation.
The company’s solutions are now used at over 35,000 locations across North America and the fintech claims to process over $10 billion a year in bankcard volume.
In July last year, the company raised $23.8 million from Crédit Mutuel Equity, the private equity arm of Crédit Mutuel Alliance Fédérale.
Paystone says it is looking to expand its workforce in 2022, with the addition of 100 new employees to its already 150-strong headcount.
