RBC and BMO sell Moneris to Francisco Partners for C$2 billion

The Royal Bank of Canada (RBC) and the Bank of Montreal (BMO) have agreed to sell Moneris Solutions, a major Canadian payments provider, to the technology-focused investment firm Francisco Partners for approximately C$2 billion. The proceeds from the sale will be equally divided between the two banks, marking a significant shift in ownership for the 25-year-old company.

Moneris, founded as a joint venture between RBC and BMO, supports payment acceptance and commerce services at over 325,000 points of commerce across Canada. Despite the change in ownership, RBC and BMO will maintain long-term customer referral agreements with Moneris to ensure continued access to its products and services for their clients.

The acquisition is expected to provide Moneris with additional resources and industry expertise to expand its offerings and strengthen its position in the Canadian payments market. Francisco Partners, known for its extensive experience in technology and payments businesses, will support Moneris in pursuing further innovation and expansion.

James Hicks, president and CEO of Moneris, expressed enthusiasm about the transaction, stating that it marks an exciting next step in the company’s evolution. He highlighted Francisco Partners’ global expertise in technology and payments as a key factor in accelerating Moneris’ ambitious strategy. The deal is expected to close by the end of the first quarter of 2027, subject to customary closing conditions and regulatory approvals.