Moneris may be for sale with an approximate $2 billion price tag, a report this week alleges.
The Royal Bank of Canada and the Bank of Montreal are purportedly interested in selling Moneris, Reuters reported, a company which today handles one-third of business transactions across the country since the two Big Banks founded the fintech in 2000.
According to the report, RBC and BMO remain “in the early stages of exploring a potential sale of Moneris,” and may opt to retain stakes in the firm.
The company’s supposed $2B valuation is based on $700M in annual revenues.
Moneris has been collaborating with several entities this year, including a partnership with UK’s largest independent payment technology provider, Cardstream Group; another with website-building platform Wix; and another with Quebec’s Polykar, whose PolyVie pilot recycling program is aimed at transforming plastic waste from local companies into reusable resources.
RBC meanwhile recently unveiled ATOM, a proprietary AI model that “represents the future of banking at RBC.”
Developed by RBC research institute Borealis and functioning as part of the bank’s Lumina platform, ATOM was trained using large-scale financial datasets including billions of client financial transactions, providing it with “a unique breadth of knowledge in financial services.”
Ranking among Canada’s most valuable brands, RBC also this year invested in Toronto fintech d1g1t and collaborated with Toronto’s Carbonhound.
BMO also continues to release tech-forward offerings, such as My Financial Progress, a digital tool powered by tech from Winnipeg’s Conquest Planning.
There is also BMO SmartProgress, which helps customers learn more about important personal finance topics and build financial literacy via tailored interactive content, and BMO Insights, which gives clients a richer view of their daily transactions, as well as CashTrack, which uses AI models to predict cash flow concerns ahead of time.
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