The deal marks Reach’s first outside capital.
FinTech startup Reach has raised $30 million CAD led by Vistara Growth.
Reach confirmed the deal to BetaKit after it was first reported by The Globe and Mail. According to the publication, the round includes equity and debt.
The round saw participation from Canadian oil and gas entrepreneurs Doug Hunter (through Bluesky Equities) and Del Mondor (through Tribune Capital), and the United States venture capital firm Rising Tide.
Founded in 2016, the FinTech startup offers a payments platform that lets merchants process transactions around the world. Reach’s first outside capital, the closing date of the round was not disclosed.
Reach partners with retail brands looking to connect with shoppers around the world, and that hope to increase global sales. The startup claims that it aids retailers in processing global payment transactions wherever a retailer’s customer is based.
It also offers cross-border currency conversions, claims to have relationships with banks worldwide for local credit card processing, and has fraud detection and prevention services.
Reach also has an integration with Shopify, and offers the latter’s merchant’s a single, localized checkout for all international transactions.
Other platform partners include Salesforce Commerce Cloud, Magneto, and WooCommerce. Reach also announced a partnership in 2020 with PayMyTuition by MTFX, a Toronto-based global payment startup for international tuition payments. The partnership is designed to enable international students to pay tuition and fees at educational institutions via a credit card.
In an interview with Authority Magazine on Medium, Reach CEO and founder Sam Ranieri said that in 2021 the startup’s network and solutions encompassed over 20 local acquirers, 80 payment methods, and over 100 currencies. Reach now claims to have the ability to transact in over local 120 currencies in more than 40 markets.
The startup hired Tyler Barry as its CTO in 2021. Previously as a consultant, Barry had led the overall design and work of the technical teams to conduct the first international blockchain-based currency transfer for a Canadian financial institution. A spokesperson for Reach told BetaKit that Barry has since moved on from the company. Reach’s executive team currently consists of Ranieri, COO Christina Kinney, and CSO Matthew Cannon.
In January, Reach brought on experienced risk and compliance payments professional Michael McGirr as its VP of compliance. McGirr’s past experience includes a similar role at major payments company Adyen.
Feature image courtesy Authority Magazine.
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