Canada (Commonwealth)_Exciting News: Fortis Expands to Canada and Acquires SmartPay!
Fortis, a leading payment and commerce technology provider for software providers, marketplaces, and scaling businesses, has some fantastic news to share. The company has announced its first expansion outside of the United States, now offering its innovative solutions in Canada. In addition to this milestone, Fortis has also made an exciting acquisition, bringing embedded payments provider SmartPay into its fold. These developments signify Fortis’ commitment to growth, improving user experiences, and strengthening its position as a leader in the embedded payments industry.
Fortis’ expansion into Canada marks a significant step forward in its mission to deliver comprehensive payment solutions to businesses worldwide. By extending its proprietary technology, previously available only to U.S. clients, Fortis enables software platforms and businesses operating in the Canadian market to leverage their cutting-edge solutions. This expansion supports not only omnichannel credit card processing but also includes Interac Debit acceptance, with electronic funds transfer (EFT) capabilities on the horizon for B2B and recurring payment clients. Customers in Canada now have access to Fortis’ full suite of solutions through their award-winning APIs, which seamlessly integrate with existing payment software solutions, providing a streamlined experience.
To meet the evolving needs of marketplaces and software platforms, Fortis has also introduced enhanced funding and settlement capabilities. A new feature called Secondary Amount has been launched, empowering integrated software partners to assess and collect platform fees when processing payments through Fortis’ solutions. This functionality, available in the Fortis API suite, allows software partners to designate a specific fee to be assessed as part of a single transaction and deposited separately. The ability to authorize payments and split settlements in one transaction is particularly valuable for high-performing marketplace partners.
Kevin Shamoun, SVP of Product & Innovation at Fortis, expressed great pride in the recent advancements made by the company, particularly in the Product division. He emphasized that these efforts not only expand payment processing into new locations but also enhance the interaction of data between merchants and independent software vendors (ISVs), ultimately improving the overall user experience.
In an exciting development, Fortis has acquired SmartPay, an embedded payment solution provider known for its strong partnerships in the enterprise software and ERP ecosystems. SmartPay was founded with the aim of bringing enhanced technology solutions to small businesses. The acquisition brings to Fortis an exceptional team, productive customer relationships, and robust capabilities. Mike Sheffey and Nate Schloss, founders and former managing partners of SmartPay, will now join the Fortis leadership team, ensuring a smooth transition and capitalizing on their expertise. The advisory firm MAPP Advisors played a key role in facilitating the transaction on behalf of SmartPay.
Both Mike Sheffey and Nate Schloss expressed their enthusiasm about becoming part of the Fortis team. Sheffey stated, “We are thrilled to be a part of the Fortis team. Fortis’ continued growth over the past few years has made them an obvious choice for our next chapter.” Schloss added, “Extending Fortis’ capabilities to all of our clients will be a great addition to our toolset and is going to do wonders for the future of embedded payments.”
The acquisition of SmartPay equips Fortis with a skilled team of integrated payments professionals and allows the company to leverage the strong relationships SmartPay has built. This acquisition further strengthens Fortis’ ability to serve to scale client businesses in complex markets. Greg Cohen, CEO of Fortis, expressed his excitement about the opportunities that SmartPay brings to the organization, emphasizing the invaluable additions of Mike and Nate to the Fortis team. Cohen believes that this acquisition is just the beginning of Fortis’ journey toward becoming the leader in embedded payments. Fortis is a true pioneer in the embedded payments space, processing billions of dollars annually.
