The deal marks Reach’s first outside capital.
FinTech startup Reach has reportedly raised $30 million in equity and debt, according to The Globe and Mail. The publication said that Vistara Growth led the round, with participation from Canadian oil and gas entrepreneurs Doug Hunter and Del Mondor, and United States venture capital firm Rising Tide.
Founded in 2016, the FinTech startup offers a payments platform that lets merchants process transactions around the world. Reach’s first outside capital, the closing date of the round was not disclosed.
Reach partners with retail brands looking to connect with shoppers around the world, and that hope to increase global sales. The startup claims that it aids retailers in processing global payment transactions wherever a retailer’s customer is based.
It also offers cross-border currency conversions, claims to have relationships with banks worldwide for local credit card processing, and has fraud detection and prevention services.
Reach also has an integration with Shopify, and offers the latter’s merchant’s a single, localized checkout for all international transactions.
Other platform partners include Salesforce Commerce Cloud, Magneto, and WooCommerce. Reach also announced a partnership in 2020 with PayMyTuition by MTFX, a Toronto-based global payment startup for international tuition payments. The partnership is designed to enable international students to pay tuition and fees at educational institutions via a credit card.
In an interview with Authority Magazine on Medium, Reach CEO and founder Sam Ranieri said that in 2021 the startup’s network and solutions encompassed over 20 local acquirers, 80 payment methods, and over 100 currencies.
The startup hired Tyler Barry as its CTO in 2021. Previously as a consultant, Barry had led the overall design and work of the technical teams to conduct the first international blockchain-based currency transfer for a Canadian financial institution.
Barry also delivered the solution design and delivery of numerous mobile payments solutions such as Apple Pay, Google Pay, Samsung Pay, and Interac e-Transfer for multiple financial institutions; leveraged open banking standards to deliver forward-looking solutions; and drove the design of software architecture for real-time fraud systems and highly scalable service-based environments.
Feature image courtesy Authority Magazine.