#Canada #Vancouver #Paynt #E-xact Transactions

Paynt Boosts North American Operations with E-xact Acquisition

In a strategic move set to redefine its footprint in North America, the European fintech company Paynt has successfully acquired the Canadian payment processing firm E-xact Transactions. This acquisition marks a significant step in Paynt's mission to broaden its reach in the competitive North American market, which is becoming increasingly critical for global payment technology leaders.

Founded in 2014, Paynt specializes in innovative payment solutions focusing on sectors like hospitality and retail. With its headquarters in Europe and regional offices spread across the UK, Ireland, Baltic States, and now the United States, Paynt has built a formidable presence in the payment technology sector.

E-xact Transactions, a streamlined platform known for its impressive processing capabilities, handles over CAD 3.5 billion in payments yearly through more than 50 million transactions. This Canadian-based company earned its reputation for delivering rapid and secure payment processing, with transaction times of less than one second. Additionally, E-xact supports several leading e-commerce platforms, including Shopify, Magento, and WooCommerce, which enhances the range of services Paynt can offer its clients.

The acquisition not only signifies heightened operational capability for Paynt but also establishes a new operational hub in Vancouver, a city that is increasingly recognized as a burgeoning tech and finance center. In conjunction with this strategic acquisition, Paynt has appointed payments industry expert JohnPaul Golino to its board of directors. Golino will be instrumental in integrating E-xact Transactions into Paynt's existing infrastructure while heading regional go-to-market initiatives—allowing Paynt to swiftly adapt its offerings to meet North American merchant needs.

“By establishing our presence in both Connecticut and Vancouver, we’re marking a pivotal moment in Paynt’s journey towards solidifying our North American footprint,” stated Sam Kohli, founder and Group CEO of Paynt. “This acquisition bolsters our capabilities, paving the way for further innovations in payment solutions on this continent.”

The comprehensive plan for expansion does not stop here. Paynt is currently assessing additional potential acquisition targets within the United States, with intentions to finalize another deal by the close of 2025. This approach underlines Paynt's commitment to enhancing its market share and evolving its service spectrum, which is increasingly crucial as payment preferences shift among consumers.

Paynt intends to leverage its robust infrastructure and technological prowess to revolutionize the payments landscape further across Canada and beyond. Golino expressed excitement about the acquisition's potential, stating, “This acquisition expands not only our reach but also significantly refinements the solutions we provide to merchants and partners across Canada. I am grateful to MAPP Advisors for their guidance in facilitating this connection—this acquisition is the start of an exciting new chapter.”

As it stands, both companies have a promising future. Paynt's ambitious plans, including the integration of E-xact Transactions, stand to reshape payment processing standards and establish enduring relationships with merchants across North America. By harnessing the strengths of both entities, Paynt is poised to deliver enhanced services, improvements in the payment experience, and a new era of operational efficiency for all stakeholders involved.

In conclusion, Paynt’s acquisition of E-xact Transactions represents a critical juncture in the ongoing narrative of global fintech expansion. As they forge ahead, it will be intriguing to witness the subsequent innovations and market developments that arise from this fruitful partnership.