Payments Company Paystone Secures $24 Million in Funding

Paystone, a financial technology firm, recently announced that the company has raised $30 million CAD (approximately $24 million USD) from Credit Mutuel Equity, the private equity arm of Credit Mutuel Alliance Federale.

According to an official announcement, Paystone is planning to accelerate its growth through the latest funds. The Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term company completed a total of five acquisitions in the last 18 months including the acquisition of DataCandy.

In 2021, Paystone entered the US market for the first time. The payments platform now has more than 30,000 merchant locations throughout North America. With the latest funds, Paystone aims to expand its electronic payments and customer engagement technology platform.

Commenting on the recent funding announcement, Tarique Al-Ansari, CEO of Paystone, said: “Winning more customers is a universal need among businesses of all sizes, and our integrated platform that seamlessly combines electronic payments acceptance with customer growth tools is the first of its kind in the market.”

“An investor with the caliber of Crédit Mutuel Equity sets the stage for our company’s global expansion and opens doors beyond North America. We continue to be very acquisitive. The support from such a highly respected European investor paired with our existing investors' positions Paystone to continue to capitalize on acquisition opportunities,” Al-Ansari added.

Digital payment platforms saw a significant surge in demand in the last few months. As a result, emerging companies have secured substantial funding since the start of 2021. In June 2021, Finance Magnates reported on the $38 million Series A funding round of Indian firm, FamPay.

Credit Mutuel Equity

The private equity arm of Credit Mutuel Alliance Federale became a minority shareholder in Paystone after the recent Funding Round Funding Round Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Read this Term. “Paystone’s track record is very impressive, like its young and talented management team. The company has a comprehensive product roadmap and a very compelling growth strategy, and we intend to further support Paystone in becoming a differentiated leader in this extremely dynamic market,” David Dickel, Managing Director of Credit Mutuel Equity in Canada, mentioned in the announcement.