Published on June 3rd, 2014 | by Ted Liu0
Primus Capital acquires stake in hyperWALLET
hyperWALLET’s award-winning technology platform and global financial network provides brand-enhancing B2C and P2P services for hundreds of global corporations and financial institutions.
The new funding will allow hyperWALLET to invest in expanded sales and marketing initiatives domestically and abroad, extend an industry-leading product set, address additional end markets, and build upon its existing infrastructure and licensure portfolio. hyperWALLET has opened an office in San Francisco to support the effort.
“Over the past four years the Direct Selling industry has embraced our private-label wallet, prepaid card and money transmission solutions to meet its highly complex global commission distribution requirements. We’ve proven that compliant and easy to use cross-border payment solutions don’t need to be cost prohibitive,” said Lisa Shields, founder and CEO of hyperWALLET. “We look forward to deepening our services to the Direct Selling industry, and also bringing the benefits of our patented platform and global bank, card, and cash clearing partnerships to new market verticals. We are thrilled to partner with Primus Capital, and look forward to tapping their payments industry knowledge, network of talent, and expertise to guide the next phase of hyperWALLET’s growth.”
“Cross-border business payments represents a $50 trillion global market, yet governments and corporates alike struggle to find payments solutions that can meet their service level requirements,” said Jonathan Dick, Managing Director of Primus Capital.
“hyperWALLET is leading the market for affordable and accessible corporate payments, and we share management’s enthusiasm for the opportunities ahead,” added Ron Hess, a Primus Director. “hyperWALLET’s technology unifies cross-border and domestic payments, giving organizations a single business process for all of their payables – high value or low value, domestic or international. When a company of this scale averages over 90% growth for three straight years they are clearly onto something.”
Raymond James & Associates served as financial advisor to hyperWALLET on this transaction.
In 2008, hyperWallet Systems entered into an agreement to go public on TSX Venture in a reverse take-over (RTO) deal that would have valued the company at approximately $12.7 million. The agreement was terminated in 2009.
About the Author
Ted Liu Ted is an editor of CanadianPrivateEquity.com and Research Director for CVCA - Canada's Venture Capital and Private Equity Association. Ted has been following Canadian venture capital and private equity industry since 1993.