RBC, BMO Sell Moneris to Francisco Partners in C$2 Billion Deal

The Royal Bank of Canada and BMO Financial Group have agreed to sell their jointly-owned Moneris Solutions to technology investment firm Francisco Partners for C$2 billion, or approximately $1.44 billion.

Moneris is a leading commerce solutions provider in Canada, founded 25 years ago, and helps businesses accept and manage payments. The deal will see RBC and BMO each receive a 50% share from the sale.

RBC expects to record an after-tax gain of C$475 million from the sale, which is expected in the first quarter of fiscal 2027. Many banks have shed their payments businesses in recent years due to the accelerated pace of digitization in the North American payments industry.