Francisco Partners has agreed to acquire Canadian payments company Moneris from Bank of Montreal and Royal Bank of Canada for approximately C$2 billion in cash. BMO and RBC, which jointly own Moneris, will each receive 50% of the transaction consideration.
The banks are also entering long-term agreements under which they will exclusively refer customers to Moneris, preserving important commercial relationships after the ownership transition.
Moneris has nearly 2,000 employees in Canada and processes payments across more than 325,000 points of commerce.
The company said its network represents approximately one out of every three transactions in Canada.
The platform spans e-commerce and omnichannel payments, point-of-sale hardware and software, business tools, data products and payment acceptance across physical, online and mobile channels.
Francisco Partners plans to invest in product innovation, platform expansion and additional growth while keeping Moneris’ headquarters, technology infrastructure and operating presence in Canada.
Jeff Sloan, the former President and CEO of Global Payments, will join Moneris as Chairman following the transaction.
Sloan will work alongside President and CEO James Hicks and the existing management team.
Francisco Partners has extensive experience investing across payments and fintech, including previous investments in Hypercom, Paymetric, PayLease, NMI and Verifone.
The firm has raised more than $75 billion since inception and invested in more than 500 technology companies.
The transaction remains subject to regulatory approvals, including review under Canada’s Retail Payment Activities Act and Competition Act.
Closing is expected by the end of the first quarter of BMO and RBC’s fiscal 2027.
PJT Partners advised Moneris. Barclays, Goldman Sachs and Wells Fargo advised Francisco Partners.
KEY QUOTES:
“This announcement marks an exciting next step in Moneris’ continued evolution as the company that powers Canadian commerce. With Francisco Partners’ deep global expertise in technology and payments, we are well-positioned to further accelerate our ambitious strategy and continue to broaden the wide choice of solutions, support and experiences we deliver to businesses to help them achieve their aspirations.”
James Hicks, President and CEO of Moneris
“For 25 years, Moneris has earned the trust of Canadian businesses by delivering secure, reliable and innovative payment solutions. This next chapter will enable Moneris to build on that strong foundation while accelerating its strategy in a rapidly evolving payments landscape.”
Sharon Haward-Laird, Group Head, Canadian Commercial Banking & North American Integrated Solutions and Co-Head Canadian Personal & Commercial Banking at BMO
“Moneris has played a central role in enabling Canadian businesses to modernize and scale by connecting them with more consumers more often through innovative payments solutions across the commerce ecosystem.”
Sean Amato-Gauci, Group Head, Commercial Banking at RBC
“Moneris is one of the strongest payments solution providers in North America, with a trusted brand, leading technology and a proven team that has helped shape the way Canadian businesses operate.”
“We see a significant opportunity to build on that foundation through continued investment in innovation, platform expansion and long-term growth, while preserving the deeply Canadian identity that has made Moneris a market leader.”
Peter Christodoulo, Partner at Francisco Partners
“Together with Jeff Sloan’s deep industry expertise and strategic counsel as Chairman, we are excited to support the Moneris team as they continue to deliver the technology, scale and reliability Canadian businesses need to thrive in an increasingly digital and AI-driven economy.”
Nate Zupan, Principal at Francisco Partners
“Moneris has established itself as a leader, with a strong market position, a clear strategic vision and a talented team that is deeply committed to its customers and partners.”
“With the investment and support of Francisco Partners, Moneris is well-positioned to accelerate that strategy and continue building on its strong foundation.”
Jeff Sloan, Incoming Chairman of Moneris
