On February 7, Robert Ronning, co-founder of the disruptive financial technology company PayVida Solutions, announced that blockchain focused venture builder Victory Square Technologies had signed a Letter of Intent (LOI) to acquire approximately one-third of PayVida. Later that day, Victory Square released the details of the definitive agreement, explaining that they would acquire 31.5% of all issued and outstanding shares of the innovative payment processing company for 1.9 million Canadian dollars (CAD) in total consideration.
“We had multiple offers, a lot of people who wanted to lead the private placement,” said Robert Ronning, who is rapidly preparing PayVida to become a publicly traded entity. “For the last few years, the Victory Square team has guided our progress and Shafin Diamond, as CEO, has always been gracious with his counsel and advice over that time. We are truly honored and humbled to have this chance to deepen our relationship with all the excellent thought leaders at Victory Square.” The support of the Vancouver-based venture fund will be crucial as PayVida begins to launch its global payment facilitator platform, which will enable merchants and their staff to receive same day funding of daily credit and debit card transactions, tips and related payouts.
Conversely, the payment processing innovator was appealing to Victory Square given its role as a disruptor and its dedication to promoting the highest standards in ethics and technology throughout the industry worldwide. “PayVida provides solutions that challenge the existing technologies that most banks and payment processing providers offer,” said Victory Square Chief Executive Officer Shafin Diamond Tejani. “They have established themselves by offering less expensive pricing and same day funding times that merchants have never experiences with today’s leading FinTech giants.” Tejani continued to explain that his company is continuously looking to invest in leading technology companies in a number of different verticals and provide them with the tools necessary to accelerate their growth. Victory Square will provide PayVida with expertise in a number of functional areas including product enhancements, sales strategy, go to market and customer retention. As the Canadian payment processing company begins to make a global impact, the guidance will be essential to maintaining PayVida’s keen sense of ethics and industry leading price transparency on a worldwide scale.
Robert Ronning is an expert in financial technologies and the co-founder of innovative payment processing provider PayVida Solutions. Before founding PayVida in January 2013, Ronning spent more than a decade as a business development professional and senior account executive, where he established a comprehensive knowledge of the payment processing industry, advancements in financial technologies, and the challenges that merchants regularly face when dealing with FinTech giants. PayVida is the result of Ronning’s commitment to developing existing multi-channel payment technologies and services into next generation mechanisms while simultaneously closing the ethics gap that plagues the payment industry.