Battery Ventures agrees to become primary investor in Ascendant to accelerate growth and drive product innovation
TORONTO, ON–Ascendant, an international provider of cross-border business payment solutions and a financial technology company, today announced that Battery Ventures, a global, technology-focused investment firm, has agreed to make a significant investment in the company. Once closed, the new investment will make Battery Ventures the primary investor and enable Ascendant to enter its next phase of growth; it will also accelerate a product innovation plan designed to deliver more value to customers around the world.
“This announcement signifies a tremendous milestone for Ascendant as we continue to grow, innovate and achieve our vision as a global leader in international payments,” said Jason Mugford, Chief Executive Officer at Ascendant. “Our partnership with Battery Ventures, one of the most high-profile investment firms in the industry with an extensive software and FinTech portfolio, will draw upon their capital and expertise to accelerate our ambitious growth plans and make the international payment process more efficient.”
For over 10 years, Ascendant has served the fintech industry with simple and cost-effective payment technology solutions to drive operational efficiency and resilience for businesses. With its proprietary platform, software, and API capabilities, Ascendant’s customized payment solutions currently support more than 2,000 financial institutions and corporate business verticals. This new strategic investment now paves the way for Ascendant to reach the next stage of scaling its business; expanding its network; and accelerating growth.
“We’re excited about building our portfolio with an innovative company like Ascendant and believe there is an incredible opportunity to grow the company and expand into new markets,” said Russ Fleischer, General Partner at Battery Ventures. “Ascendant is a trusted business partner with a proven business model, professional leadership team and state-of-the-art technology solutions. We are proud to invest in a company with a strong vision to serve, simplify and transform the international payment landscape through its full suite of financial solutions.”
According to consulting firm Skyquest Technology, the global digital-payment market was valued at $89.6 billion in 2021 and is expected to reach $228.4 billion by 2028. The promising market pushes industry players like Ascendant to be at the forefront of innovation to leverage the power of digital technology.
As part of the investment, Battery Ventures will provide strategic guidance along with an extensive network of high-growth companies that can help support and advise the development of foreign exchange and international payments. Raymond James Ltd. acted as exclusive financial advisor to AscendantFX Capital Inc. and McCarthy Tétrault LLP acted as legal counsel. Ascendant and Battery expect the agreement to close in the first half of 2023, subject to regulatory approval.
Ascendant is a financial technology services company that provides cross-border payment solutions to businesses around the world. With over 250 years of combined industry experience, its leadership team are experts in the areas of corporate foreign exchange, international payments, and FX strategy and risk management. The company was founded in 2011 on the principles of delivering value beyond price with customer driven innovation; and its tailor-made solutions continue to help clients build business resilience. Today, its award-winning international payment solutions integrate with all major accounting software platforms and offer a 360-degree approach that is innovative, customer-focused and simplifies the end-to-end business payment process. Ascendant is headquartered in Toronto, ON, Canada, with offices in Victoria, BC; San Francisco, CA; and London, UK. For more information about Ascendant, please visit www.ascendant.world.
About Battery Ventures
Battery partners with exceptional founders and management teams developing category-defining businesses in markets including software and services, enterprise infrastructure, online marketplaces, healthcare IT and industrial technology. Founded in 1983, the firm backs companies at all stages, ranging from seed and early to growth and buyout, and covers technology markets from six strategic locations including Boston; San Francisco and Menlo Park, Calif.; Tel Aviv; London; and New York. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery’s portfolio companies here.