Syncapay takes over Wirecard North America, leading the future of digital payments

By Pavithra R

daVinci Payments, an enabler of on-demand real-time virtual and physical payments and North Lane Technologies, formerly Wirecard North America has announced that the companies have joined forces to establish a high-growth, payment company with innovative technology and solutions.

The combined entity will operate under the umbrella of Syncapay, a company with unparalleled ability to accelerate the future of digital payments, through its extensive suite of FinTech services & payment solutions across rewards, disbursements, compensation, incentives and global payouts. The addressable market of the combined company is estimated to be $7.9 trillion in annual payment volume, with $500 billion in addressable revenue. Founded in 2018, Syncapay is built with the vision to acquire a family of high growth, leading-edge Payments companies with disruptive technology and solutions, leveraging the many synergies between them. The firm acquired daVinci Payments in 2017. 

Wirecard North America has rebranded to North Lane Technologies, a name drawn inspiration from Wirecard’s founding address on North Lane in suburban Philadelphia, where the firm operated since 1997. The company has issued over $75 bn in payments for Fortune 500 companies, public sector agencies, and high-growth technology firms.

“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,” said Juli Spottiswood, Chairman and CEO, Syncapay.

Syncapay has also announced receiving a new equity investment from funds advised by Centerbridge Partners, a leading private investment management firm with extensive experience in supporting growth opportunities in the financial services sector. Centerbridge joins current investors in Syncapay, including Silversmith Capital Partners, MissionOG, Bain Capital Ventures, and NYCA. Terms of the transaction were not disclosed.

“This transaction brings together two payments leaders with complementary solutions and a significant opportunity to expand their collective market reach. Through our investment in Syncapay, we are deeply committed to advancing the organization’s fintech industry footprint and impact, driving further innovative solutions at a broader scale. We look forward to supporting the combined company’s highly talented team, as they capitalize on the opportunity to deliver even greater value to its stakeholders,” said James Kirk, Managing Director, Centerbridge.

The transaction is subject to regulatory approval and other customary closing conditions is expected to close in Q4 2020. Syncapay will remain the holding company, with North Lane & daVinci reporting to Syncapay.