Canada-based Paystone rakes in $69m in equity and debt

Payments and integrated software company Paystone has finalised a $69m strategic financing round from Canadian Business Growth Fund (CBGF) and National Bank of Canada.

This round was comprised of equity and debt, with the latter being provided by the National Bank of Canada.

The funds have been earmarked to help Paystone increase customer engagement services and deepen its electronic payment processing solutions.

Paystone claims to be redefining how merchants engage with their customers and grow their businesses. Its tool suite includes automated payment processing, customer loyalty and gift card solutions.

Its clients include Irving Oil, The Source, Booster Juice, Global Pet Foods, Kernels Popcorn, and many of the MTY Food Group’s restaurant brands.

Last year, the FinTech surpassed 25,000 merchant locations across Canada and the US.

Paystone CEO and co-founder  Tarique Al-Ansari said, “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.

“This funding round is a significant milestone and will be transformational for Paystone. 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.”

The global payments and remittance sector has seen a decline in funding since the colossal $22.2bn invested in 2018. In 2019, the total capital invested into these businesses reached $13.2bn, according to data from FinTech Global.

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