“Interac Expands Services with Acquisition of Vouchr’s Personalization Platform”
Interac, a leading Canadian payment services provider, has secured exclusive rights to utilize Vouchr’s payments personalization platform within Canada. As part of the agreement, Interac has onboarded key employees from Vouchr to facilitate the integration of the technology.
Robert Balahura, co-founder and CEO of Vouchr, has transitioned to a role within Interac’s product team to further enhance the Vouchr platform. Balahura emphasized that Vouchr will continue its operations in the United States and internationally, underscoring the company’s commitment to global expansion.
Interac intends to leverage the Vouchr platform to enhance its product suite, including its e-transfer service, by integrating personalized notifications, rewards, and merchant offerings. Anurag Kar, Interac’s head of product for e-transfer, highlighted the potential for increased engagement and personalization in everyday transactions. With customized notifications and the incorporation of eCards, videos, and GIFs, Interac aims to enhance the user experience for its e-transfer service.
The integration will also empower Canadian businesses to deliver branded Interac e-transfer notifications to employees, customers, and suppliers. Interac reported significant growth in e-transfer usage, with a record of 1.2 billion facilitated transactions, reflecting the increasing preference for digital-first experiences among Canadians.
Interac views the acquisition as a strategic investment in the Canadian FinTech ecosystem, aligning with its mission to create a more accessible and secure digital economy. This move follows previous acquisitions, including Ottawa-based digital identity firm 2Keys in 2019 and the exclusive Canadian rights to Toronto-based authentication company SecureKey in 2021.
Toronto-based FinTech startup Wealthsimple recently secured provisional approval to join Interac’s e-transfer service, signaling Interac’s commitment to extending its platform to new organizations. Jeremy Wilmot, Interac’s president and CEO, emphasized the evolving landscape of financial services and the importance of providing innovative transaction solutions for consumers and businesses.
The acquisition underscores Interac’s dedication to innovation and expansion, further solidifying its position as a leader in the Canadian payment services industry.
Source: betakit.com
