Paystone acquires Canadian Payment Services

This acquisition is the sixth addition to Paystone’s portfolio of acquisitions, having acquired five other businesses in the past two years including DataCandy and NiceJob.

In addition to providing payment processing services, Paystone offers a range of SaaS products including gift and loyalty, reputation marketing, and marketing automation.

With the acquisition of CPS, Paystone now services over 35,000 locations across Canada and the US which collectively process over 10 billion dollars a year in bankcard volume. As Paystone continues to grow in service, offering, and revenue, the business is looking to add over 100 new employees by the end of 2022.

In 2021, Paystone has closed two financing rounds, one of USD 55 million and one of USD 30 million, both used for supporting the company’s growth strategy and further propelling its electronic payments and customer engagement technology platform.

Paystone is a payment and software company aiming to improve the way merchants engage their customers and grow their businesses. The company's integrated suite of automated payment processing, customer loyalty, gift card solutions, and now reputation marketing, is used by brands such as Irving Oil, The Source, Global Pet Foods, Kernels Popcorn, and many of the MTY Food Group's restaurant brands.

Canadian Payment Services (CPS) is a provider of merchant services, which includes Credit Card and Interac Processing, Gift Card and Loyalty Programs, and Business Cash Advance.