Vancouver’s TIO Networks has closed a previously announced deal to acquire an American payment services provider.
The local financial tech (fintech) firm said the acquisition of New Jersey-based Softgate Systems makes it the largest walk-in bill payment network in North America.
Walk-in bill payment networks assist customers lacking access to mobile or online payment options, usually older individuals or new immigrants.
TIO CEO Hamed Shahbazi told Business in Vancouver when the deal was announced in July 2015 that buying Softgate would help expand his company’s footprint in the U.S. from 15 states to 46 states.
