Canadian-based Fintech startup Peloton has closed a $2 million seed funding to simplify the traditionally complicated workflows faced by Small and Medium Sized Enterprises (SMEs).
Executive Chair of the Board, Peloton Technologies, John Mackinlay, disclosed that the seed will be very instrumental in the company’s acquisition strategy and a strong catalyst to its organic growth initiatives.
In his words,
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“We’re thrilled with the response from the private investor community. We have a world-class group of investors with a deep background in payments, banking, risk management, accounting, compliance, IT architecture, and securities law. This capital is instrumental to our acquisition strategy and a catalyst for our organic growth initiatives. It is a precursor to a larger capital raise planned for Q1/Q2 of 2024”.
Peloton’s $2 million seed round is coming weeks after it acquired British Columbia-based payment processing startup, KIS Payments, in October this year. The acquisition of KIS payments expanded Peloton’s client base and sales teams, allowing the startup to rapidly scale the delivery of its innovative service offerings.
Founded in 2011, Peloton Technologies is one of the leading Canadian Fintech providing small and medium-sized enterprises with access to the global market.
The platform hosts what it calls a unified SaaS payments platform that allows users and merchants to process, complete transfers, exchange currency, and store payment data all in one place.
Peloton makes it simple to transfer funds between organizations, make payments to suppliers, and enables users to deposit and withdraw funds from their financial institutions.
Notably, the Peloton Portal provides an overview of all users accounts with a new and enhanced interface. Everything was redesigned in a way to give them quicker and more intuitive access to their payment tools.
The portal also offers new reporting tools and better user management for companies, to allow them to provide the right access to each member of their team.
A single Peloton Account can support charging users Amex credit card, sending electronic funds transfers (EFT) and wire transfers, and even handling currency conversations when paying foreign currency invoices. The startup also supports bill payment for payments to government bodies. Support for credit and debit with all major card brands include Visa, Mastercard, American Express, Discover, and JCB.
With rapid growth in their goal, Peloton recently acquired an ISO (Independent Sales Organization) and rolled their merchant services operations into their sales team.
The new investment bolsters Peloton’s growth strategy through the acquisition of additional ISOs. Acquiring ISOs has expanded Peloton’s client base and sales operations, expediting the delivery of their innovative service offerings.