daVinci Payments will merge with North Lane Technologies for the formation of a new company, operating under the umbrella of holding company Syncapay, which will be a “high growth, premier” payments company with “innovative” solutions, a press release says.
North Lane Technologies was formerly known as Wirecard North America. Wirecard North America was a separate company from Germany’s Wirecard AG, which went insolvent earlier this year amid a global scandal. The North America company went up for sale in June, saying it was operating without any disruption related to said scandal.
The two companies’ combination will work to boost digital payments, which have been a hot button topic since the pandemic forced people to adjust their lifestyles. The release says the new partnership will offer a suite with FinTech solutions like rewards, incentives, disbursements, compensation and global payouts.
The release says the market for the combined company will be an estimated $7.9 trillion in annual payment volume, with $500 billion in addressable revenue.
David Josephs, CEO of daVinci, said there was room on the market for new types of payment experiences, particularly in the digital realm.
“Cutting-edge payment experiences across expanding markets present major growth opportunities,” he said, according to the release. “We will continue to advance payments across the most relevant form factors and constantly ensure that people are paid when, where and how they want to be paid. The future of payments is digital, global and seamless, and we look forward to realizing the opportunities that the expanding market provides.”
Juli Spottiswood, chairman and CEO of Syncapay, said the combining of North Lane and daVinci would “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,” she said, according to the release.