Victoria, BC, Canada – May 10, 2017 – Beanstream, a provider of multi-channel payment solutions, today completes its evolution into Bambora. The Sweden-based global payments company, Bambora, offers flexible and secure payment services to businesses of all sizes. Bambora acquired Beanstream in 2015 and will now operate as the North American hub to serve customers in the region. Since the acquisition, there has been a 41 percent growth in the number of staff, but Beanstream maintains Bambora’s start-up culture as it evolves from a traditional Canadian fintech company to a global-minded business.
“Bambora’s vision is straightforward – to enable businesses of all sizes to thrive with simple and scalable payment solutions,” says Johan Tjärnberg, chief executive officer, Bambora. “When we acquired Beanstream two years ago, we were thrilled to add them to the Bambora family as their mission to help customers grow and succeed aligns perfectly with our vision. I look forward to this next phase; our work has just started.”
Bambora’s goal in North America this year is to add 10,000 new merchants - an expansion that will increase the company’s entire revenue by as much as 30 percent, bringing Bambora’s 2017 sales figures to approximately $278 million USD.
“Beanstream’s customers will not notice any other major changes in the short-term outside of the new brand,” shares Ryan Stewart, chief commercial officer, North America, Bambora. “They will notice some experience-related product improvements, including seamless integrations through a new suite of APIs, and a hosted solutions that render beautifully on any device. Longer term, Bambora will provide new opportunities for customers in terms of scalability, cross-border reach, and multi-channel growth.”
Beanstream has seen a 34 percent increase in number of customers since the acquisition. Currently, they have over a 25 percent market share in online payments in Canada.
“Our commitment to customers’ long-term success is deeply rooted in our customer-first culture, and contributes to the steady climb of our customer base, and we look forward to the journey ahead under the Bambora brand,” says Kevin Weatherston, chief operating officer, North America, Bambora.
Bambora continuously strives to raise awareness around the importance of the human element when it comes to online businesses and payment processing. Working closely with its customers through a research project this year, Bambora aims to demonstrate that meaningful human interactions within e-commerce can go beyond an online transaction.