A financial technology firm based on Vancouver Island announced an acquisition this week.
Victoria-born Peloton Technologies, whose mission is to simplify payments, says it has acquired KIS Payments, a Canadian payments processor.
The acquisition evolved from KIS’ involvement in Peloton’s partner program, according to Craig Attiwill, who cofounded Peloton alongside Phil Leitch.
Seeking company growth, Attiwill and Leitch saw an opportunity to expand their business through M&A.
“We’ve spent a lot of time creating the most comprehensive solution for businesses and now it’s time to scale,” the chief executive stated. “It makes sense for us to grow through the acquisition of KIS Payments and I look forward to leading a new team as we begin servicing an even larger client base.”
Terms of the deal were not disclosed.
Peloton’s core product is a platform that uses technology to simplify complex payment processes and offers businesses transactional visibility. Built for multi-channel collection and disbursement of payments, a defining feature of the platform is a set of interfaces designed to support the integration of multiple payments methods across many financial institutions.
In July, the Pacific Economic Development Agency of Canada announced an investment of $8.1 million in funding to help six Greater Victoria organizations boost innovation, drive business growth, and create new jobs and opportunities.
As part of the Business Scale-Up and Productivity Program, Peloton Technologies was awarded $1.5M—becoming PacifiCan’s most-funded fintech.
Before Peloton was established, Attiwill held technology roles at various consulting firms where he specialized in understanding complex business requirements, honing his enterprise architecture skills and developing new technologies. Leitch boasts 40 years in business focused on software development for private and public industry mainly in the financial sector.
Attiwill said in July that the funding from PacifiCan will “further accelerate our objective of providing affordable digital payments for SMEs across Canada.”