Transaction creates premier payment technology and solutions platform under Syncapay umbrella, Syncapay to receive majority equity investment from Centerbridge Partners
daVinci Payments (“daVinci”) and North Lane Technologies, formerly Wirecard North America Inc., announced that they are joining forces to establish a high-growth, premier payment company with innovative technology and solutions. The combined entity will operate under the umbrella of Syncapay, Inc. (“Syncapay”), a holding company for payment technology and solutions companies. Syncapay will receive a new majority equity investment from funds advised by Centerbridge Partners, L.P. (“Centerbridge”), a leading private investment management firm with extensive experience in supporting growth opportunities in the financial services sector. Terms of the transaction were not disclosed. With its majority equity investment, Centerbridge joins current investors in Syncapay, including Bain Capital Ventures, Silversmith Capital Partners, MissionOG, and NYCA.
“Decades ago, the team at North Lane built an incredible business centered around delivering payments in a simple, efficient way. That mission remains true today, and we are looking forward to this next step in our journey”
Wirecard North America today is also rebranding to North Lane Technologies, Inc. (“North Lane”). The brand name, North Lane, draws inspiration from Wirecard’s founding address on North Lane in suburban Philadelphia, where the company has operated since 1997. The company has issued over $75B in payments for Fortune 500 companies, public sector agencies, and high-growth technology firms.
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Juli Spottiswood, Chairman and CEO, Syncapay, said: “We are thrilled to welcome North Lane into the Syncapay family, and, along with daVinci, look forward to delivering an unparalleled payments platform, empowering companies to thrive in a digital future. By bridging the technologies and capabilities of daVinci and North Lane, we will be positioned to sell a broader base of services and benefit from economies of scale to accelerate the growth opportunities for our combined company.”
The combination of daVinci and North Lane creates a company with an unparalleled ability to accelerate the future of digital payments, through a leading suite of fintech services and payment solutions across incentives, rewards, disbursements, compensation, and global payouts. The addressable market of the combined company is estimated to be $7.9T in annual payment volume, with $500B in addressable revenue.
David Josephs, CEO, daVinci, said: “Cutting-edge payment experiences across expanding markets present major growth opportunities. We will continue to advance payments across the most relevant form factors and constantly ensure that people are paid when, where and how they want to be paid. The future of payments is digital, global and seamless, and we look forward to realizing the opportunities that the expanding market provides.”
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