Montréal-headquartered payment solutions company PayFacto has acquired iShopFood Inc., a Quebec-based startup that provides online ordering SaaS solutions for the restaurant industry.
Founded in 2018, with offices in the United States and Asia-Pacific region, PayFacto describes itself as one of Canada’s largest non-bank payment processors, as well as a provider of fully integrated payment processing and hospitality technologies.
The company was formed as part of a merger of three Canadian companies: B2Billing Payments and Supreme Payments merged, and then acquired CT-Payment, a payment processor.
Martin Leroux, president and CEO of PayFacto, also founded B2Billing in 2014. He previously worked at Paysafe Group, a payments platform based in London, United Kingdom, for 14 years.
In August 2021, PayFacto received an equity investment of up to $150 million CAD over an unspecified period of time from private equity firm Flexpoint Ford, with participation from BMO Capital Partners.
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A spokesperson for PayFacto told BetaKit that the initial cash injection was smaller, but declined to comment on the exact amount.
According to the company, its acquisition of iShopFood complements its current product suite with all-in-one solutions for in-restaurant and online ordering, self-service kiosks, and QR code-based payment capture.
“With the acquisition of iShopFood Inc. and the complementary nature of the solutions offered by our companies, PayFacto now has a solid launch pad to power our growth in North America,” said Leroux.
Attracting clients from Canada, United States, and the United Kingdom, iShopFood launched in 2015 with a mission to improve sales and automate business processes within the restaurant and hospitality industry. The startup’s offerings include self-serve kiosks, custom mobile applications, menu boards, and table ordering.
PayFacto’s last string of acquisitions came in 2020 when it acquired Posera Ltd. and Resto Finances Inc., as well as their suite of software offerings. Some of Posera’s products include Maitre’D POS, KDS (kitchen management system), and SecureTablePay, a pay-at-the-table solution.