Paystone secures $69 million as company chases acquisitive growth strategy
Paystone, a London, Ontario and Montreal-based startup that offers customer engagement and payment processing software, has secured a $69 million CAD investment.
The financing consisted of both an equity investment and debt financing. With Paystone having already brought its products to market its CEO, Tarique Al-Ansari, classified the round as late-stage strategic financing. This brings the total funding to date for Paystone, which was founded in 2009, to approximately $100 million CAD.
“Paystone’s organic growth trajectory is impressive and supported by an ambitious acquisition strategy.”
– George Rossolatos, CBGF
The investors include the Canadian Business Growth Fund (CBGF) and National Bank of Canada. CBGF, Paystone’s first-ever institutional investor (previous investors have been angels and other non-institutional investors), provided all the growth equity capital, while