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HomeBankingMerrco Payments rebrands to KORT Payments with new managing team led by...

Merrco Payments rebrands to KORT Payments with new managing team led by Paysafe founders

Summary of Merrco Payments’ Rebranding to KORT Payments

  • Company: Merrco Payments, a Canadian fintech.
  • New Brand Name: KORT Payments.
  • Headquarters: Toronto, Canada.
  • Background:
    • Founded: 2016.
    • Specialization: E-commerce and point-of-sale (POS) payment solutions for the cannabis industry.
    • Merger: Merged with Canadian fintech Payfirma in 2018.
  • Recent Developments:
    • Capital Raise: Completed in June 2024 for an undisclosed sum.
    • Management Change:
      • New CEO: Joel Leonoff, former president and CEO of Paysafe Group.
      • Former co-CEOs: Kiki Plytas and Nicholas Georgakakis, departing by the end of the summer.
  • Leadership Team:
    • Joel Leonoff leads the new management team.
    • Team includes pioneers behind Optimal Payments (later Paysafe Group), which sold to Blackstone and CVC Capital Partners for £2.96 billion in 2017.
  • Strategic Focus:
    • Market Potential: Recognized significant market potential for KORT Payments.
    • Growth Strategy: Exploring strategic M&A opportunities, and focusing on growth in various verticals and new geographies.
    • Omni-Channel Solutions: Developing omni-channel integrated and e-commerce payment solutions.
  • Geographical Focus: US and European markets.
  • Network and Partnerships:
    • Utilizing a vast network of technology partners, salespeople, ISOs, bank partners, resellers, and brokers.
    • Attracting top talent and new partners to support aggressive growth plans.
  • Future Plans:
    • Developing appropriate products and technology platforms to support expansion and market needs.
    • Building upon Merrco’s strong foundation to expedite growth and innovation.
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