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Moneris

RBC, BMO Weigh $2B Sale of Moneris Payments Firm

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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.

Want to know more? Check out the source code on Fintech.ca.

Toronto Fintech Moneris Taps Wix to Release ‘Total Commerce’ Offering

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Moneris says an expanded partnership with Wix is “built on a commitment to deliver simple and easy-to-use solutions for Canadian businesses.” The collaboration started last year when the Toronto fintech tapped Wix to launch Moneris Online, an online commerce solution; this week was the reveal of Moneris Total Commerce, an omni-channel point-of sale-solution. The solution aims to narrow the gap between online and in-store transactions with a fully integrated and unified commerce experience for merchants and their customers.

Earlier this year, Moneris introduced Tap to Pay on iPhone in the Moneris Go app. The Canadian company also collaborated with the TTC in 2023.

Want to know more? Check out the source code on Fintech.ca.