Canada-based payments and integrated software company Paystone has secured $69m in equity and debt funding to support its growth.
The investment came from Canadian Business Growth Fund (CBGF), which was joined by National Bank of Canada that offered debt funding.
Paystone will use the fresh funds to fuel its growth in electronic payment processing solutions and customer engagement services.
Paystone CEO Tarique Al-Ansari said: “We are transforming payments acceptance by integrating marketing automation with electronic payments, enabling merchants to grow their revenues.
“The positive business impacts we experienced amidst the pandemic showed us that digital consumers, and the technology to support every step of the customer engagement journey, is critical for merchants.
“We are very proud to have the support and partnership of CBGF and National Bank as we scale into the next phase of growth and opportunity.”
Paystone is the first Ontario-based company in which CBGF has invested, which will add to its Quebec reach.
CBGF CEO George Rossolatos said: “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.”
National Bank of Canada MD and head of national client group Matt Macdonald said: “We are delighted to empower Paystone’s growth plans, which support Tarique’s passion and his team’s mission to build a powerful software solution suite for merchants of all sizes.”
