Paystone adds $30 million in funding

Payments company Paystone raises $30M to help propel growth strategy

Photo: Paystone CEO, Tarique Al-Ansari 

LONDON-BASED PAYSTONE, a leading electronic payments and integrated software firm, has secured a (CAD) $30 million investment from Crédit Mutuel Equity, the private equity arm of Crédit Mutuel Alliance Fédérale, one of France’s leading financial institutions.

According the company, the funds will support Paystone’s ambitious growth strategy and further propel its best-in-class electronic payments and customer engagement technology platform.

Paystone, headquartered on Wonderland Road South, launched in 2008 as Zomaron, and rebranded itself as Paystone in 2019. Today it provides electronic payments and customer engagement technology to businesses, particularly those that provide services.

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“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” says Tarique Al-Ansari, CEO of Paystone. 

“Paystone’s track record is very impressive, like its young and talented management team. The company has a comprehensive product roadmap and a very compelling growth strategy, and we intend to further support Paystone in becoming a differentiated leader in this extremely dynamic market,” adds David Dickel, managing director of Crédit Mutuel Equity in Canada.

This transaction positions Crédit Mutuel Equity, an evergreen fund, as a minority shareholder in Paystone.

The new funding brings the total funds raised by Paystone in 2021 to a total of $78.8 million in a mix of debt and equity. It raised $69 million in January.

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“An investor with the caliber of Crédit Mutuel Equity sets the stage for our company’s global expansion and opens doors beyond North America,” says Al-Ansari. “The support from such a highly respected European investor paired with our existing backers positions Paystone to continue to capitalize on both our organic and acquisitive growth strategies.”

This year, Paystone entered the U.S. market for the first time. The company has over 30,000 merchant locations on its platform throughout North America, and Al-Ansari expects that to grow by 5,000 this year. The company has 150 employees currently, and another 50 are expected to come on board by the end of the year.