Financial services firm, Paystone has been able to bolster its finances with an investment of $30 million. Crédit Mutuel Equity, a private equity provider from France, has provided a significant boost in funds. The new investment is part of Paystone’s plan to grow at a rapid pace. It will also use a portion of the funds to enhance the quality of its payment and customer engagement platform.
Paystone provides its customers with the ability to take payments and increase engagement levels for their business. The platform is fully integrated, so both aspects of what it offers can be implemented into the current service that a company provides.
The engagement tools that Paystone offers tend to be in the form of loyalty schemes and gift cards. This is geared towards providing customers with added value and therefore retaining their custom in the long term.
The tools that Paystone provides are also aimed towards businesses attempting to recover from any Covid-19 related issues. As contactless and online payment numbers have increased during the global pandemic, Paystone has attempted to provide businesses with the opportunity to continue trading by offering these services.
Paystone believes taking on this additional investment will enable them to improve the service that it offers to customers. This will, in turn, accelerate the level of growth that it can obtain. While it hasn’t explicitly mentioned moving into geographies other than Canada and the US, it does have an office in London, so further expansion could be a possibility in the future. The investment from a French firm also means that European expansion could be the next aim for the payment provider.
Paystone CEO, Tarique Al-Ansari commented:
Tarique Al-Ansari Source: LinkedIn
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
The latest investment means that Crédit Mutuel Equity will become a minority shareholder in the company. Despite this, Paystone has spent a lot of time acquiring other companies since 2019 and aims to continue acquiring companies that it believes can improve the overall service that it offers.
Having gained a degree in economics, Alan entered the world of financial services starting his career in London and then moving to New York for a number of years. His first post at a City bank saw him establish a reputation as an forex trader. Having recently returned from New York after eight successful years, Alan is now a prosperous trader in his own right concentrating on commodities and forex.