Paystone, a financial technology firm, recently announced that the company has raised $30 million CAD (approximately $24 million USD) from Credit Mutuel Equity, the private equity arm of Credit Mutuel Alliance Federale.
According to an official announcement, Paystone is planning to accelerate its growth through the latest funds. The payments company completed a total of five acquisitions in the last 18 months including the acquisition of DataCandy.
In 2021, Paystone entered the US market for the first time. The payments platform now has more than 30,000 merchant locations throughout North America. With the latest funds, Paystone aims to expand its electronic payments and customer engagement technology platform.
Commenting on the recent funding announcement, Tarique Al-Ansari, CEO of Paystone, said: “Winning more customers is a universal need among businesses of all sizes, and our integrated platform that seamlessly combines electronic payments acceptance with customer growth tools is the first of its kind in the market.”
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“An investor with the caliber of Crédit Mutuel Equity sets the stage for our company’s global expansion and opens doors beyond North America. We continue to be very acquisitive. The support from such a highly respected European investor paired with our existing investors’ positions Paystone to continue to capitalize on acquisition opportunities,” Al-Ansari added.
Digital payment platforms saw a significant surge in demand in the last few months. As a result, emerging companies have secured substantial funding since the start of 2021. In June 2021, Finance Magnates reported on the $38 million Series A funding round of Indian firm, FamPay.
Credit Mutuel Equity
The private equity arm of Credit Mutuel Alliance Federale became a minority shareholder in Paystone after the recent funding round. “Paystone’s track record is very impressive, like its young and talented management team. The company has a comprehensive product roadmap and a very compelling growth strategy, and we intend to further support Paystone in becoming a differentiated leader in this extremely dynamic market,” David Dickel, Managing Director of Credit Mutuel Equity in Canada, mentioned in the announcement.