Paystone Raises $30 million CAD from Crédit Mutuel Equity

Paystone, a Canadian provider of customer engagement services and electronic payment processing solutions for businesses of all sizes, announced that it has raised $30 million CAD from Crédit Mutuel Equity, the private equity arm of Crédit Mutuel Alliance Fédérale, one of France's leading financial institutions. 

As per the company's news release, the funds will support Paystone's ambitious growth strategy and further propel its best-in-class electronic payments and customer engagement technology platform.

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Paystone entered the U.S. market for the first time in 2021 and is one of the fastest growing businesses in Canada with more than 30,000 merchant locations throughout North America. The company has completed five successful acquisitions in the past 18 months. 

"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," said David Dickel, Managing Director of Crédit Mutuel Equity in Canada. This transaction brings Crédit Mutuel Equity, as a minority shareholder in Paystone.

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