VCs back new holding company for payments startups
A host of big-name VCs, including Bain Capital Ventures and Nyca Partners, are backing a new holding company planning to build up a stable of innovative payment firms.
Silversmith Capital Partners and MissionOG are also putting their weight behind Syncapay, which is being helmed by Juli Spottiswood, a payment industry veteran who founded Parago before selling it to Blackhawk Network, where she then spent time as a general manager.
Syncapay has already made its first acquisition, Swift Prepaid Services, and says that it plans to buy more payment outfits in growth markets with “innovative or emerging technologies” and then “leverage the many synergies between them to accelerate growth”.
“As the payments industry matures, we are finding that there are a meaningful number of exciting, disruptive companies looking for a structure within which they can get some liquidity, as well as additional resources to take the next step in their evolution. Syncapay will be that home for a set of these leading players,” says Matt Harris, MD, Bain Capital Ventures.