London’s Paystone has raised a $69 million strategic funding round from Canadian Business Growth Fund (CBGF) and National Bank of Canada.
The funds will be used to fuel growth in customer engagement services and electronic payment processing solutions.
Paystone’s suite of automated payment processing, customer loyalty, and gift card solutions is used at over 25,000 locations across North America by brands such as Irving Oil, The Source, Booster Juice, Global Pet Foods, and Kernels Popcorn.
“This financing round accelerates Paystone’s vision,” says Tarique Al-Ansari, CEO of Paystone. “We are transforming payments acceptance by integrating marketing automation with electronic payments, enabling merchants to grow their revenues.”
Al-Ansari alongside Abdullah Saab (CFO) co-founded Paystone and evolved the fintech company into one of the fastest growing businesses in Canada.
In addition to surpassing 25,000 merchant locations in 2020, the company’s consistent revenue growth earned Paystone a #84 ranking on The Globe and Mail’s 2020 list of ‘Canada’s Top Growing Companies’ and the #61 spot on The 2020 GROWTH500 list by Canadian Business.