daVinci Payments Completes Merger with North Lane Technologies Creating High-Growth Payment Company

Transaction forms premier payment technology platform under Syncapay umbrella

Syncapay receives majority equity investment from Centerbridge Partners

daVinci Payments and North Lane Technologies, announced they have completed their merger, formally creating a high-growth, premier payment company with innovative technology and solutions. The combined businesses now operate under the brand umbrella of Syncapay, through a holding company formed together with a new majority equity investment from funds advised by Centerbridge Partners, L.P. (“Centerbridge”), a leading private investment management firm with extensive experience in supporting growth opportunities in the financial services sector.

Juli Spottiswood, Chairman and CEO, Syncapay Inc., said: “The closing of the daVinci Payments and North Lane deal unites two fintech leaders to accelerate digital payment growth through an unparalleled payments platform. The combined company has a broader base of services and the scale to thrive in the expanding corporate funded payments segment with over $500 billion in revenue opportunity.”

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David Josephs, CEO, daVinci, stated: “This union is designed to bring greater value to all stakeholders, specifically to accelerate growth for our clients and our company. The future of payments is digital, global and seamless, and we are prepared and focused on delivering the most relevant experiences to ensure that people are paid when, where and how they want to be paid with the benefit of greater scale.”

Seth Brennan, CEO, North Lane, commented: “Our newly combined company is steeped in a rich history of innovation that pioneered the prepaid issuing and digital payout industries as we know them today. The focus of the new, combined organization is to unlock and expand the boundaries of payment, delivering greater value for clients and end customers alike. Our clients, partners and employees remain our steadfast priority, and we couldn’t be more excited to continue serving them with our new partners at daVinci.”

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With the close of this transaction, the daVinci and North Lane teams will work collaboratively to define, design and execute on an integrated operating model that delivers the best solutions for their customers, prospects and the market at large. daVinci’s headquarters remain in Buffalo Grove, IL, and North Lane’s headquarters remain in Conshohocken, PA.

James Kirk, Managing Director, Centerbridge, added: “Our investment creates a new company positioned to efficiently deliver a full suite of services across an expanded set of markets, and will benefit from economies of scale, accelerating growth opportunities.” With Centerbridge’s majority equity investment, the firm joins current investors Bain Capital Ventures, Silversmith Capital Partners, MissionOG, and Nyca Partners.

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