Moneris Ownership Shifts to Francisco Partners as Banks Retain Commercial Ties
Francisco Partners is acquiring Moneris from BMO and RBC, while both banks retain long-term merchant referral relationships.
Moneris has been a significant part of Canada’s payments landscape since it was established by BMO and RBC in 2000. Over the past 25 years, the company has grown into one of Canada’s leading commerce solutions providers, supporting payment acceptance at more than 325,000 points of commerce and representing approximately one in three transactions across the country. In August 2026, Moneris announced that Francisco Partners, a global investment firm focused on technology businesses, had entered into a definitive agreement to acquire the company from BMO and RBC for approximately C$2.0 billion in cash.
Under the agreement, BMO and RBC will each receive 50 per cent of the consideration and will transition from owners of Moneris to commercial partners. Both banks have entered into long term agreements to exclusively refer customers to Moneris, allowing the company to retain an important source of merchant distribution following the ownership change. The transaction remains subject to regulatory approvals, including under the Retail Payment Activities Act and the Competition Act, and is expected to close by the end of the first quarter of BMO and RBC’s fiscal 2027.
What the Transaction Means for Moneris
New technology focused ownership: Francisco Partners brings experience investing in payments and financial technology companies, including Verifone, NMI, Hypercom, Paymetric and PayLease. The firm plans to support continued investment in Moneris’ technology, platform expansion and long term growth.
Continuity with BMO and RBC: While the banks will no longer own Moneris, their exclusive referral agreements preserve their commercial relationships with the company. This provides Moneris with continuity across an established distribution channel while allowing BMO and RBC to maintain merchant payment offerings for their business customers.
Existing Canadian footprint remains: Moneris has indicated that its Canadian leadership, workforce and operations will remain in place. This includes nearly 2,000 employees across Canada, its Canadian head office and technology infrastructure located in the country.
Payments expertise added to leadership: Jeff Sloan, former President and CEO of Global Payments, will join Moneris as Chairman. His experience in global merchant acquiring and payment technology will complement the existing management team led by President and CEO James Hicks.
Greater focus on technology and platform expansion: Francisco Partners sees an opportunity to build on Moneris’ existing position through further investment in innovation and modernization. Moneris already operates across in store, online and mobile payments, alongside point of sale technology, integrated business tools and data services, providing a broad platform for further development.
Why the Transaction Matters
The acquisition represents an important change in the ownership structure of one of Canada’s largest payments providers. BMO and RBC are effectively separating ownership of payment infrastructure from distribution, realizing value from their stakes while maintaining Moneris as a payments partner for their business customers.
For Francisco Partners, the acquisition provides immediate scale in the Canadian payments market. Rather than building a merchant network from the ground up, the firm gains an established payments platform with significant transaction volumes, a large merchant footprint and long standing relationships with two of Canada’s largest banks.
For Moneris, the combination of specialist technology investment and continued bank distribution could provide additional capacity to modernize its platform and broaden its commerce capabilities as competition increasingly moves beyond payment processing toward integrated digital commerce solutions.
🚨 What This Signals for the Canadian Payments Industry
The transaction highlights the increasing strategic value of payments businesses that combine transaction processing with software, digital commerce, data and integrated merchant services. As merchant expectations evolve, competition is increasingly centred on providing a broader commerce platform rather than payment acceptance alone.
The deal also illustrates a changing role for banks in the payments ecosystem. BMO and RBC will retain access to merchant payment capabilities through referral partnerships without continuing to own the underlying provider. This could provide a model for financial institutions seeking to maintain customer relationships while relying on specialist technology companies for payments infrastructure and innovation.
Francisco Partners’ ownership could also increase competitive pressure in the Canadian merchant market. Its payments experience and investment capacity could support faster development across ecommerce, integrated payments, data capabilities and artificial intelligence enabled commerce, while Moneris brings an established Canadian merchant base and distribution network.
At the same time, the transfer of a major Canadian payments provider from domestic bank ownership to a global investment firm places greater attention on operational and technology continuity. Moneris has emphasized that its workforce, head office and technology infrastructure will remain in Canada, preserving its Canadian operating presence as ownership changes.
Overall, the acquisition gives Francisco Partners a scaled position in Canadian payments, allows BMO and RBC to monetize their ownership while preserving their merchant relationships, and provides Moneris with a technology focused investor for its next stage of growth. The key development following regulatory approval will be how quickly this translates into new capabilities and stronger competition across Canada’s increasingly digital commerce market.
