Canadian payment solution provider PayFacto has secured an equity investment of up to $119m (C$150) to accelerate its expansion in the US market.
The funding round was led by private equity firm Flexpoint Ford with participation from BMO Capital Partners.
PayFacto provides fully integrated payment processing technologies and hospitality technology solutions for over 30,000 merchants in Canada, the US, and the UK.
The firm will use the money to finance its expansion in the US market, leveraging its acquiring bank partnership with Community Federal Savings Bank.
The investment comes after PayFacto’s takeover of Maitre’D and Veloce point-of-sale software systems.
It will accelerate the company’s growth strategy which includes the expansion of its suite of payment products, launching a new cloud-based point-of-sale system, and funding future acquisitions.
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PayFacto president and CEO Martin Leroux said: “We’re incredibly proud of everything we’ve accomplished as a Canadian company; now we’ve reached an exciting inflection point and our new financial partners will help take us to the next level in our company’s evolution.
“Flexpoint Ford not only has a deep knowledge of the payments sector, but they also share our values and vision for success. We’re pleased that BMO, which debt financed our two POS acquisitions, will continue to be part of our growth story, now as an equity investor.”
Commenting on the investment, Flexpoint Ford managing director Arjun Thimmaya said: “We’re excited about PayFacto’s growth potential and the opportunity to further expand its presence in the US by combining payment and POS technologies.
“PayFacto is a true Canadian success story, and we’re eager to help replicate that success in the US.”