Sidereal Capital Group has partnered with Larry McCarter to merge three payment solutions into once consolidated platform.
Following the agreement, Qwinstar Corporation, 3 Point Alliance Canada, and CashTech Currency Products will become one integrated platform and will operate under the Qwinstar brand.
The new company will be a cross-border technical service provider for financial institutions, banks, retailers, cash in transit and gaming companies across the US and Canada.
Qwinstar will now be able to offer clients with services and technology for processes including cash automation, intelligent sales, bank branch automation, remittance processing, printing and high-speed document imaging equipment.
Ocean Avenue Capital Partners invested alongside Sidereal and McCarter in the deal, while KeyBank provided senior debt financing.
Following the merge, McCarter will serve as the company’s president and CEO. Prior to this position, he served as the president and CEO of Burroughs, an ATM and cash automation service provider.
Earlier in the week, Deluxe Financial Services acquired remittance processing company First Data in a $93m deal. The deal was completed to bolster Deluxe’s treasury management services, and will now be able to offer clients working capital and remittance processing services.
Last year, the payments sector raised $12bn in funding globally, according to data by FinTech Global. E-commerce companies received the lion share of funding in the space, netting $7bn of the total capital, representing 59 per cent of equity.
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