The company says it plans to use the funding to continue supporting Paystone’s expansion efforts and improve its payment and customer engagement platform. Paystone entered the US in 2021 and currently has over 100 employees.
Founded in 2008 as Zomaron, the company rebranded as Paystone in 2019 and offers an integrated suite of automated payment processing, customer loyalty and gift card solutions to businesses. Current customers including Irving Oil, The Source, Booster Juice, Global Pet Foods and Kernels Popcorn.
“Winning more customers is a universal need among businesses of all sizes, and our integrated platform that seamlessly combines electronic payments acceptance with customer growth tools is the first of its kind in the market,” Paystone CEO Tarique Al-Ansari stated in the release.
The investment follows Paystone’s $54.5 million ($69 million CAD) private equity fundraise round in January, bringing the company’s total funding to $78.3 million. In addition to the funding, Paystone has completed five acquisitions in the past 18 months, including DataCandy, Swift Payments, POS West Ltd. and NXGEN Canada.
Paystone differs from competition in its focus on serving product companies, which is underserved, according to Al-Ansari in an interview with TechCrunch. Instead of focusing on online presence and digital marketing, many of Paystone’s customers need to have content that is easily findable by potential users and need to show why clients should do business with them.
The company currently processes about $6 billion in credit card payments and is on track to bring in over $55 million in revenue in 2021. Al-Ansari says he expects growth to accelerate through the end of the year.
In other recent fintech news, spend management platform Spendesk raised a $118 million funding round, led by General Atlantic. Remittance and currency transfer API provider Currencycloud was also acquired by Visa for $986 million, marking the global financial service providers second large acquisition of the year.