The deal comes almost four months after Peloton received $1.5M from PacifiCan.
Victoria-based FinTech startup Peloton Technologies has announced the acquisition of Nanaimo, British Columbia-based payment processing startup KIS Payments. The financial terms of the deal were not disclosed.
According to a statement by the companies, the acquisition evolved from KIS’ involvement in Peloton’s partner program.
KIS was the first independent sales organization to join Peloton’s partner program in January 2022, which provides companies with referral revenue, integrations with Peloton’s platform, and collaborations with Peloton’s marketing department for co-branded initiatives.
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The acquisition, announced Wednesday, comes roughly four months after Peloton received $1.5 million in July from the Pacific Economic Development Agency of Canada (PacifiCan), which was in addition to the agency’s $500,000 contribution in July 2022.
Peloton said the $2 million in total funding made it PacifiCan’s highest funded FinTech firm, and that the funding would go towards accelerating the development of its payments platform and expanding the client base of merchants. Now, Peloton said in a statement that the acquisition of KIS expands its client base and sales teams, allowing Peloton to rapidly scale the delivery of its service offerings.
Peloton Technologies was founded in 2011 by CEO Craig Attiwill. Not to be confused with the indoor cycling retailer, Peloton Technologies hosts what it calls a “unified SaaS payments platform.” The startup says its platform allows users and merchants to process payments, complete transfers, exchange currency, and store payment data all in one place.
According to Crunchbase, KIS Payments was founded in 2017 on Vancouver Island by CEO Rick Owen, vice president of business development Michael Spetko, and director of administration Jennifer Belik. The company helps connect in-store and online payment processing solutions to businesses looking to parse what payment terminals, payment softwares, or loyalty platforms to use.
“We’ve spent a lot of time creating the most comprehensive solution for businesses and now it’s time to scale,” said Attiwill. “It makes sense for us to grow through the acquisition of KIS Payments and I look forward to leading a new team as we begin servicing an even larger client base.”
Image courtesy Blake Wisz on Unsplash
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