daVinci Payments closes merger with North Lane Technologies, f/k/a Wirecard North America
daVinci Payments and North Lane Technologies, formerly Wirecard North America Inc, today announced they have completed their merger.
The combined businesses now operate under the brand umbrella of Syncapay, through a holding company formed together with a new majority equity investment from funds advised by Centerbridge Partners, L.P., a private investment management firm with extensive experience in supporting growth opportunities in the financial services sector.
Juli Spottiswood, Chairman and CEO, Syncapay Inc., said:
“The closing of the daVinci Payments and North Lane deal unites two fintech leaders to accelerate digital payment growth through an unparalleled payments platform. The combined company has a broader base of services and the scale to thrive in the expanding corporate funded payments segment with over $500 billion in revenue opportunity.”
David Josephs, CEO, daVinci, stated:
“This union is designed to bring greater value to all stakeholders, specifically to accelerate growth for our clients and our company. The future of payments is digital, global and seamless, and we are prepared and focused on delivering the most relevant experiences to ensure that people are paid when, where and how they want to be paid with the benefit of greater scale.”
With the close of this transaction, the daVinci and North Lane teams will work collaboratively to define, design and execute on an integrated operating model. daVinci’s headquarters remain in Buffalo Grove, IL, and North Lane’s headquarters remain in Conshohocken, PA.
The terms of the transaction, which was first announced in October, were not disclosed.