- Canadian fintech Peloton Technologies has raised CAD $2 million in seed funding.
- The funds will help the company meet its growth objectives. The investment also serves as a “precursor” to a “larger capital raise” next year.
- Founded in 2011, Peloton Technologies offers a platform that enables small businesses to simplify payment workflows.
Victoria, Canada-based fintech Peloton Technologies has landed $1.5 million (CAD $2 million) in seed funding. The investment will help fuel the company’s growth as it seeks to simplify payment workflows for small and medium-sized businesses.
Peloton did not disclose the names of the investors. The company did say that members of the investing team have joined Peloton Technologies’ advisory board. The seed funding comes four months after the company secured $1.5 million (CAD $2 million) from the Pacific Economic Development Agency of Canada (PacifiCan). The funding from PacifiCan was the second investment Peloton received from the agency. The company picked up CAD $500,000 in funding from PacifiCan’s Business Scale Up and Productivity (BSP) program in 2022 ($367k in today’s dollars).
“We’re thrilled with the response from the Private Investor community,” Peloton Technologies Executive Chair of the Board John MacKinlay said. “We have a world-class group of investors with deep background in payments, banking, risk management, compliance, accounting, IT architecture, and securities law.” MacKinlay added that the funding will also help Peloton Technologies execute its acquisition strategy; last month, Peloton announced the acquisition of KIS Payments, an ISO (Independent Sales Organization). MacKinlay also noted that this week’s fundraising was a “precursor” to a “larger capital raise” slated for the first half of 2024.
“We’ve spent a lot of time creating the most comprehensive solution for businesses and now it’s time to scale,” CEO Craig Attiwill said when the company acquired KIS Payments in October.
Founded in 2011, Peloton Technologies helps small and medium-sized businesses in Canada process payments, execute fund transfers, exchange currencies, and store payment data. Its platform also supports the integration of multiple payment methods across multiple financial institutions. Peloton’s proprietary technology ensures the secure storage of payment data, document management, email/SMS notifications, and scheduling, as well as providing a sophisticated rules engine.