Bootstrapped Nova Scotia startup to boost Celero’s annual card volume to $26 billion across North America.
Halifax-based FinTech startup Sona has been acquired by Nashville, Tenn.-based Celero Commerce for an undisclosed amount.
According to a statement from Celero announcing the acquisition, the deal marks the American commerce firm’s entry into the Canadian market. The deal is expected to result in Celero processing approximately $26 billion USD in annual card volume across North America.
Sona founder Ryan O’Leary noted that Sona has remained bootstrapped since founding.
A spokesperson for Celero told BetaKit that following the deal, Sona will continue to operate under its own brand as a Celero-owned company. Sona’s 13 employees will also all continue to operate in Nova Scotia.
Founded in 2016, Sona offers a range of payment solutions for small and medium-sized merchants.
Sona’s solutions span loyalty and gift card programs, e-commerce, mobile payments, and point-of-sale. On its website, Sona said it serves businesses across nine industries, including automotive, retail, beauty and wellness, and hospitality.
According to Celero, Sona primarily serves merchants through partnerships with financial institutions and independent software vendors. According to Sona’s website, its customer base has grown to include Nova Scotia-based golf equipment retailer Golf Central, the Halifax Wanderers Football Club, and gardening retailer Blomidon Nurseries.
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Sona was launched by founder and CEO Ryan O’Leary, who, after spending 13 years in the payments industry on the banking side, launched Sona as a merchant services payments business. In a LinkedIn post announcing the deal, O’Leary noted that Sona has remained bootstrapped since founding.
“Since day one, we have delivered pricing certainty, competitive rates and high-quality support to our customers,” Leary said in a statement. “We take immense pride in being one of the most reputable brands in the Canadian payments ecosystem. We are excited to join the Celero team, enhancing the innovative and customer-centric technology and product solutions we provide our customers.”
Celero offers small and medium-sized businesses payment processing services, business management software, and data intelligence. In a statement, Celero founder and CEO Kevin Jones said Sona offers his company a “strategic avenue” for Celero’s geographic expansion to Canada.
“This acquisition provides a robust platform to bolster international growth through our core distribution channels,” Jones added. “These include partnerships with financial institutions and integration with business management software, which are vital in supporting the efficiency and scalability of small to mid-sized businesses. The alignment of our team cultures further fuels our enthusiasm for this partnership.”
Feature image courtesy Sona via Facebook.