Canadian Fintech Simplifying SME Payments Closes Seed Round with $2M in Funding

VICTORIA, BC, Nov. 23, 2023 /CNW/ - Peloton Technologies is announcing the close of their late seed round after securing $2M in investment. This funding is earmarked for activities that contribute to the company's rapid growth trajectory.

Founded in 2011, Peloton's mission is to change the Canadian payments industry for the better by simplifying the traditionally convoluted workflows faced by SMEs (Small and Medium Sized Enterprises). Peloton's innovative platform supports the widest range of payment needs for SMEs in the market.

"We're thrilled with the response from the Private Investor community. We have a world-class group of investors with deep background in payments, banking, risk management, compliance, accounting, IT architecture, and securities law. This capital is instrumental to our acquisition strategy and a catalyst to our organic growth initiatives. It's a precursor to a larger capital raise planned for Q1/Q2 of 2024."

- John MacKinlay, Executive Chair of the Board, Peloton Technologies

With rapid growth their goal, Peloton recently acquired an ISO (Independent Sales Organization) and rolled their merchant services operations into Peloton's sales team. The new investment bolsters Peloton's growth strategy through the acquisition of additional ISOs. Acquiring ISOs expands Peloton's client base and sales operations, expediting the delivery of their innovative service offerings.

At Peloton Technologies, the mission is to make all payments simple and efficient. We're making that happen through the development of our complete commerce solution. We believe organizations should be free to spend more time on what they set out to do and less time handling payments. With a decade of R&D and real-world application, Peloton Technologies is the leading Canadian FinTech providing small to medium businesses with access to the global market. For more information, visit www.peloton-technologies.com.

SOURCE Peloton Technologies Inc.