Peloton Technologies has announced the closing of a seed round.
The Victoria-based financial technology firm raised $2 million in investment, according to a recent statement from the company, which said that the funding is “earmarked for activities that contribute to the company’s rapid growth trajectory.”
Although not a startup, technically—Peloton was established in 2011—the seed capital is set to serve as “a catalyst to our organic growth initiatives,” according to John MacKinlay, who serves as executive chair of the board for the BC fintech.
“We’re thrilled with the response from the Private Investor community,” he stated. “This capital is instrumental to our acquisition strategy and a catalyst to our organic growth initiatives.”
Peloton’s core product is a platform that uses technology to simplify complex payment processes and offers businesses transactional visibility.
“The Peloton Platform is a software engineering advancement in the payment space, providing end clients with an agnostic view of merchant acquirers and financial institutions,” the BC company explains. “Built for multi-channel collection and disbursement of payments, a defining feature of the platform is a set of generic interfaces designed to support the integration of multiple payments methods across many financial institutions.”
Founded by Phil Leitch and chief executive officer Craig Attiwill, Peloton’s highlights include Card and Bank Account Vaults, which provide a repository for financial data using “proprietary technology for secure storage of sensitive payment information.”
In July, the Pacific Economic Development Agency of Canada announced an investment to help Greater Victoria organizations boost innovation 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.
MacKinlay said Peloton’s seed round is “a precursor to a larger capital raise” planned for 2024.