Founded in 2008, the Canadian company Paystone (TO $70 million, 150 employees) currently provides over 30,000 shop owners with an integrated package of IT solutions meeting their needs in terms of electronic payment, as well as marketing and customer retention. “Paystone’s goal is to help its clients increase their turnover,” commented Léa Perge, Associate for Crédit Mutuel Equity in Canada.
Driven by two young, dynamic, and talented co-founders, Tarique Al-Ansari and Abdullah Saab, Paystone ranks among the fastest growing Canadian companies. Since 2019, it has made several strategic acquisitions, including DataCandy (2019) and NiceJob (2020). “These acquisitions will complement its range of IT services, improve cross-selling and thus strengthen a payment platform unique in North America,” explained David Dickel, Managing Director for Crédit Mutuel Equity in Canada.
A dynamic market
With the health crisis, the trend towards digital payment has gained momentum.
Paystone’s major asset is providing more than a simple payment management solution
Nowadays, credit card transactions amount to over 70% of payments in Canada, a market where Paystone still has numerous opportunities. “Paystone‘s major asset is providing more than a simple payment management solution, unlike its competitors. The loyalty shown by its customers is proof of that,” remarked David Dickel.
The investment made by Crédit Mutuel Equity will help integrate new carefully selected companies. Already thinking about expanding in the United States, the company also aims to launch on the European market in time.