DALLAS (May 2, 2018) — Syncapay, a new holding company focused on high-potential payments solutions has launched with the backing of Bain Capital Ventures, Silversmith Capital Partners, MissionOG, Nyca Partners and Juli Spottiswood as chairman and CEO. The organization will focus on acquiring disruptive financial technology innovators that can collaboratively share centralized, non-core services and best practices and capture greater market share. Syncapay’s first acquisition, Swift Prepaid Services, was made late last year.
“The U.S. payments industry continues its rapid growth, but few opportunities exist for high-potential companies to leverage industry knowledge or shared services and tackle the market together,” said Juli Spottiswood, Syncapay chairman and CEO. “The Syncapay vision is to build a powerhouse portfolio of disruptor payment solutions that can accelerate growth and success through our investments and support.”
Syncapay plans to acquire payments companies with innovative or emerging technology and solutions and leverage the many synergies between them to accelerate growth. The investment focus is on companies that provide, facilitate or issue B2B and B2C payments in growth markets around the world. Syncapay will house an array of payments brands to serve multiple needs.
“As the payments industry matures, we are finding that there are a meaningful number of exciting, disruptive companies looking for a structure within which they can get some liquidity, as well as additional resources to take the next step in their evolution. Syncapay will be that home for a set of these leading players,” said Matt Harris, managing director, Bain Capital Ventures.
“Syncapay’s target market remains highly fragmented, with a continued reliance on largely stagnant legacy payment providers,” said Andy Newcomb, managing partner, MissionOG. “Syncapay is pursuing a unique and timely strategy to identify and bring together the right components and solutions that can deliver tremendous collective value to enterprise clients and their customers.”
The Syncapay team is comprised of operations-focused entrepreneurs, investors and subject matter experts from some of the payments industry’s most successful ventures.