New holding company Syncapay looks for paytech acquisitions
A number of venture capital firms have joined forces to launch Syncapay, a new holding company focused on high-potential payments solutions. The backing comes from Bain Capital Ventures, Silversmith Capital Partners, MissionOG, and Nyca Partners.
Syncapay is based in Dallas, Texas, US. Industry veteran Juli Spottiswood is chairman and CEO. She co-founded Parago in the late 1990s, which focused on consumer promotions and incentives tech. It was acquired by Blackhawk Network for $291 million in 2014, and Spottiswood continued with Backhawk Network until 2016.
She is also a long-standing board member and audit committee chairman of Cardtronics (the world’s largest ATM owner/operator) and served as a board member of the Network Branded Prepaid Card Association (NBPCA).
“The US payments industry continues its rapid growth, but few opportunities exist for high-potential companies to leverage industry knowledge or shared services and tackle the market together,” says Spottiswood.
“The Syncapay vision is to build a powerhouse portfolio of disruptor payment solutions that can accelerate growth and success through our investments and support.”
Its first acquisition – Swift Prepaid Services – was made late last year.
“Syncapay plans to acquire payments companies with innovative or emerging technology and solutions and leverage the many synergies between them to accelerate growth,” the company explains.
“The investment focus is on companies that provide, facilitate or issue business-to-business (B2B) and business-to-consumer (B2C) payments in growth markets around the world.”
It intends to house an array of payments brands that serve multiple needs.