Pivotal Payments

Pivotal Payments
Private
Industry Financial services
Founded 2003 (2003)
Founder Philip Fayer
Headquarters Montreal, Quebec, Canada
Website www.pivotalpayments.com

Pivotal Payments is a privately owned electronic payment processing company. The Montreal-based company is Canada's largest private and non-bank payment processor.[1] As of a September 2017 valuation, the company is estimated to be worth US$424 million and processes over 14 billion US dollars in transactions per year.[2][3]

History

Pivotal Payments was established in 2003 by Philip Fayer.[4] Fayer founded the company while taking sometime off from attending Concordia University.[4] The company offered electronic payment processing and merchant services for point of sale and online businesses.[4] Since its founding, Pivotal Payments has expanded significantly, acquiring clients and other similar operations through acquisitions.[4]

In 2006, the company gained an investment from Goldman Sachs totaling CA$60 million.[1][4] Goldman Sachs funded Pivotal Payments' acquisition strategy which helped the company execute several acquisitions by 2010.[4] By then the company had grown to about 300 employees in Canada and the United States and reported a yearly revenue of CA$150 million.[4][5]

In September 2017, Montreal-based private equity firm Novacap and the Canadian government-owned investment firm Caisse de dépôt et placement du Québec announced a joint investment in Pivotal Payments.[2][3] During the funding series, the two investment firms valued the company at CA$525 million (US$424 million).[3] As of 2017, through its various electronic payment processing platforms, Pivotal Payments accepts over 14 billion US dollars in transactions per year.[2] This includes processing of payments through Canada's Interac and China's UnionPay, as well as all other major credit card brands.[2] Pivotal currently serves more than 50,000 merchants in North America and Europe.[2][3]

References

  1. 1 2 Bourdeau, Réjean (2009-10-19). "Pivotal Payments: petite entreprise et grand marché". La Presse (in French). Retrieved 2018-01-10.
  2. 1 2 3 4 5 Mason, Quinn (2017-09-27). "La Caisse and Novacap make joint investment, value Pivotal Payments at $525 million". Montreal in Technology. Retrieved 2018-01-10.
  3. 1 2 3 4 Nagarkatti, Karan (2017-09-27). "Caisse, Novacap to Invest in Quebec-Based Payment Processor Pivotal". US News & World Report. Retrieved 2018-01-10.
  4. 1 2 3 4 5 6 7 Martin, Megan (2010-04-07). "Thinking small forges big payoff". National Post. Retrieved 2018-01-10.
  5. ↑ Marcoux, Aude Marie (2010-08-12). "Philip Fayer, un leader fonceur". Les Affaires. Retrieved 2018-01-10.
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