TWO COMPLEMENTARY LEADERS PUSH INNOVATION TO PAY PEOPLE THE WAY THEY WANT TO BE PAID.

daVinci Payments and North Lane Technologies (formerly Wirecard North America) have announced that they are joining forces and establishing a company with an expanded suite of fintech services and solutions. They will operate under the umbrella of Syncapay, Inc., which received a new majority equity investment from Centerbridge Partners.

As the future of payments increasingly becomes digital, global, and seamless, daVinci and North Lane will be well-positioned together to lead the way. The combination will unite two industry leaders and their technologies and capabilities, to push the boundaries of innovation and continually ensure that people are paid the way they want to be.

The news of daVinci Payments and North Lane joining forces is exciting, but there may be some questions. Here are answers to the most frequently asked questions.

 


What is the strategic rationale behind this transaction?

The combination of daVinci Payments and North Lane (formerly Wirecard North America) unites two fintech leaders with deep legacies in the industry -- creating a company with an expanded suite of fintech services and solutions and an enhanced ability to shape the future of digital payments.

The transaction will enable us to:

• Bring together two highly complementary organizations: daVinci Payments and North Lane each bring more than two decades of industry experience and expertise in different aspects of the payment environment spanning incentives, rewards, disbursements, compensation and global payouts.

• Accelerate Growth: By bridging the technologies and capabilities of daVinci and North Lane, the combined company will be positioned to sell a broader base of services across expanding markets and benefit from economies of scale to accelerate growth opportunities.

• Drive Innovation: As both companies are established leaders in digital payments, the new organization will further expand the boundaries of innovation to deliver greater value for customers and end users alike. 

• Capitalize on a significant market opportunity: The addressable market of the combined company is estimated to be $7.9T in annual payment volume, with $500B in addressable revenue.


How will the combined company be structured?

Syncapay will remain the holding company. daVinci and North Lane will both report to Syncapay and operate independently for a period of time, while leadership from both companies establish a combined operating model that prioritizes customers and the growth opportunities in the market in a strategic way.


Who will lead the combined company?

Juli Spottiswood will continue to lead Syncapay as Chairman and CEO, with David Josephs continuing as CEO of daVinci Payments, and Seth Brennan continuing as CEO of North Lane under the Syncapay umbrella.

Syncapay’s Board of Directors will be chaired by Juli Spottiswood and include members from Centerbridge Partners, Bain Capital Ventures, and Silversmith Capital Partners.


Where will the combined company be headquartered?

daVinci and North Lane’s headquarters will not change at this time. Both companies remain committed to the Chicago and the Philadelphia areas, respectively.


When is the transaction expected to close?

Subject to regulatory approval and other customary closing conditions, the transaction is anticipated to close in Q4 2020.


Who are the investors in Syncapay?

Centerbridge Partners is funding the transaction through a new majority equity investment in Syncapay. They are deeply committed to advancing the new organization’s fintech industry footprint and impact to drive further innovative solutions at a broader scale. In addition to Centerbridge, Syncapay’s investors include Bain Capital Ventures, Silversmith Capital Partners, MissionOG, and NYCA.