Peloton Technologies, a pioneering Canadian FinTech company, has successfully completed its late seed funding round, raising a notable $2m.
The $2m investment, garnered from a collective of private investors with expertise in various fields including payments, banking, and risk management, marks a crucial phase in Peloton’s development. The diverse background of the investors provides not only capital but also valuable industry insight and support.
At its core, Peloton Technologies is dedicated to transforming the payments landscape for Small and Medium Sized Enterprises (SMEs) in Canada. Established in 2011, the company has been at the forefront of simplifying complex payment workflows that SMEs often encounter. Peloton’s platform is renowned for accommodating a broad spectrum of payment needs, setting a new standard in the market.
The newly acquired funds are earmarked for strategies that will accelerate Peloton’s growth trajectory. Specifically, the capital will be instrumental in driving the company’s acquisition strategy, which includes the integration of Independent Sales Organizations (ISOs) into their operations. This expansion is aimed at enhancing Peloton’s client base and sales capabilities, thereby facilitating the delivery of their innovative payment solutions.
Peloton Technologies Executive Chair of the Board, John MacKinlay said, “We’re thrilled with the response from the Private Investor community. We have a world-class group of investors with deep background in payments, banking, risk management, compliance, accounting, IT architecture, and securities law.
“This capital is instrumental to our acquisition strategy and a catalyst to our organic growth initiatives. It’s a precursor to a larger capital raise planned for Q1/Q2 of 2024.”
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