daVinci Payments to combine with North Lane Technologies, f/k/a Wirecard North America
daVinci Payments and North Lane Technologies, formerly Wirecard North America Inc., have announced that they are combining to establish a premier payment company with innovative technology and solutions.
The combined entity will operate under the umbrella of Syncapay, Inc., a holding company for payment technology and solutions companies. Syncapay will receive a new majority equity investment from funds advised by Centerbridge Partners, L.P. With its majority equity investment, Centerbridge joins current investors in Syncapay, including Bain Capital Ventures, Silversmith Capital Partners, MissionOG, and NYCA.
Terms of the transaction were not disclosed.
Wirecard North America today is also rebranding to North Lane Technologies, Inc. The brand name, North Lane, draws inspiration from Wirecard’s founding address on North Lane in suburban Philadelphia, where the company has operated since 1997.
Juli Spottiswood, Chairman and CEO, Syncapay, said:
“We are thrilled to welcome North Lane into the Syncapay family, and, along with daVinci, look forward to delivering an unparalleled payments platform, empowering companies to thrive in a digital future. By bridging the technologies and capabilities of daVinci and North Lane, we will be positioned to sell a broader base of services and benefit from economies of scale to accelerate the growth opportunities for our combined company.”
The combination of daVinci and North Lane creates a company with an unparalleled ability to accelerate the future of digital payments, through a leading suite of fintech services and payment solutions across incentives, rewards, disbursements, compensation, and global payouts. The addressable market of the combined company is estimated to be $7.9T in annual payment volume, with $500B in addressable revenue.
Subject to regulatory approval and other customary closing conditions, the transaction is anticipated to close in the final quarter of 2020. Syncapay will remain the holding company, with daVinci and North Lane reporting to Syncapay. Each company will operate independently for a period of time, while leadership from both companies establish a combined operating model that strategically prioritizes customers and the growth opportunities in the market.
daVinci’s headquarters will remain in Buffalo Grove, IL, and North Lane’s headquarters will remain in Conshohocken, PA.