Fortis Expands Embedded Payments to Canada and Acquires SmartPay

On June 22, 2023, Fortis announced a significant expansion of its embedded payments capabilities with a three-pronged initiative. The company launched operations in Canada, marking its first expansion outside the United States and opening a new market for its embedded payment solutions. Simultaneously, Fortis acquired SmartPay, an embedded payments provider, to enhance its technology stack and customer base.

The company also rolled out enhanced funding and settlement capabilities specifically targeting marketplaces and software platforms, reflecting the growing demand for sophisticated payment infrastructure from platform businesses. The Canadian expansion and SmartPay acquisition together position Fortis to serve a broader range of software platforms seeking integrated payment processing. Financial terms of the SmartPay acquisition were not disclosed.

The combined moves signal Fortis's ambition to become a leading cross-border embedded payments provider for the software vertical.