PayFacto Payments (PayFacto), a provider of payment solutions and point-of-sale technologies, has secured an equity investment of up to CAD150 million, in a funding round led by private equity firm Flexpoint Ford with participation from BMO Capital Partners.
PayFacto, one of Canada’s largest non-bank payment processors, is a leading provider of high-quality, fully integrated payment processing technologies and hospitality technology solutions for over 30,000 merchants in Canada, the US, and the UK. The growth equity investment will be used to finance PayFacto’s significant expansion in the US market, leveraging its acquiring bank partnership with Community Federal Savings Bank (CFSB). The investment follows PayFacto’s acquisition of the Maitre’D and Veloce point-of-sale (POS) software systems and will accelerate the Company’s growth strategy including further enhancing PayFacto’s suite of payment products, launching PayFacto’s new cloud-based point-of-sale system, and funding future acquisitions.
“With its impressive track record and experience in the financial services sector, Flexpoint Ford is the ideal partner to help drive PayFacto’s growth,” says Martin Leroux, President and CEO of PayFacto. “We’re incredibly proud of everything we’ve accomplished as a Canadian company; now we’ve reached an exciting inflection point and our new financial partners will help take us to the next level in our company’s evolution. Flexpoint Ford not only has a deep knowledge of the payments sector, but they also share our values and vision for success. We’re pleased that BMO, which debt financed our two POS acquisitions, will continue to be part of our growth story, now as an equity investor.”
Arjun Thimmaya, Managing Director at Flexpoint Ford, says: “We’re excited about PayFacto’s growth potential and the opportunity to further expand its presence in the U.S. by combining payment and POS technologies. PayFacto is a true Canadian success story, and we’re eager to help replicate that success in the U.S. We were particularly impressed with the depth of PayFacto’s management team—they have the experience and capabilities to make their vision a reality.”
Read more/Source: Private Equity Wire
