Moneris

RBC and BMO have agreed to sell Moneris to Francisco Partners in a deal valued at $2 billion, shifting one of Canada’s biggest payments companies from bank ownership to U.S. private equity. Moneris, founded in 2000 as a joint venture between the two banks, helps merchants accept and manage payments across roughly 325,000 points of commerce.

The deal includes long-term commercial agreements under which RBC and BMO will refer Canadian clients to Moneris. For Francisco Partners, which also owns Verifone and holds a stake in Paysafe, the acquisition adds scale in merchant payments and Canadian financial infrastructure.

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Royal Bank of Canada and Bank of Montreal are reportedly exploring a potential sale of Moneris, the payments firm they co-founded in 2000. Reuters suggests the company could fetch around $2 billion, based on $700 million in annual revenues.

Moneris processes roughly one-third of Canadian business transactions and has recently announced partnerships with U.K. fintech Cardstream Group, website platform Wix, and Quebec recycler Polykar. RBC and BMO may retain stakes should a sale proceed. Both banks continue to invest in AI and digital tools to strengthen their fintech capabilities.

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