Paystone, a leading payments and integrated software company with headquarters in London, ON, has announced the closing of $69 million in strategic financing from Canadian Business Growth Fund (CBGF) and National Bank of Canada. This investment marks a first in Southwestern Ontario for CBGF. The funds will be used to enable new growth in customer engagement services and electronic payment processing solutions.

“Paystone’s organic growth trajectory is impressive and supported by an ambitious acquisition strategy,” says George Rossolatos, CEO of CBGF. “We believe Tarique and his team have the skills and experience to continue to execute on their plans to grow Paystone into a leading provider of all-in-one payment solutions and deliver unmatched value to small and medium-sized enterprises across North America.” 

The funding round consisted of a combination of equity and debt financing, the latter provided by National Bank of Canada. “Paystone’s long-term vision and strategy are aligned with our desire to support aspiring entrepreneurs building the next generation of strong Canadian technology companies,” says Matt Macdonald, Managing Director and Head of National Client Group at National Bank of Canada. “We’re delighted to empower Paystone’s growth plans, which support Tarique’s passion and his team’s mission to build a powerful software solution suite for merchants of all sizes.”

Al-Ansari alongside Abdullah Saab, CFO, co-founded the fintech company and have enabled its evolution and recognition as one of the fastest-growing companies in Canada. Paystone remains well-positioned for the year ahead, with significant adoption rates of electronic payments and digital tools by merchants since the COVID-19 pandemic.

“A cashless society has never been more real,” Al-Ansari said in a statement to TechAlliance. “The pandemic has accelerated digital transformation and what might have previously taken consumers years to adapt to, has already happened in a matter of weeks. This period in time can be a launchpad to bigger thinking.”

Al-Ansari declares the London, ON-based company to be a Canadian company. “Recognizing the barriers that no longer exist — to talent, to customers, to connections and opportunities — it’s more than a local brand we are building. Tech founders and entrepreneurs have the option to think beyond the pandemic, beyond borders, and with an infinite mindset to grow globally-significant companies.”

In addition to surpassing 25,000 merchant locations in 2020, the company’s consistent revenue growth earned Paystone a #84 ranking on The Globe and Mail’s 2020 list of ‘Canada’s Top Growing Companies’ and the #61 spot on The 2020 GROWTH500 list by Canadian Business.

“The positive business impacts we experienced amidst the pandemic showed us that digital consumers, and the technology to support every step of the customer engagement journey, is critical for merchants,” said Al-Ansari. “This funding round is a significant milestone and will be transformational for Paystone. We are very proud to have the support and partnership of CBGF and National Bank as we scale into the next phase of growth and opportunity.”