Victory Square Technologies Inc. (OTCQX: VSQTF) (CSE: VST) is pleased to announce that one of its portfolio companies, PayVida Solutions Inc. (“PayVida”), an emerging global payment processor and card issuer, has become the exclusive partner and preferred vendor of British Columbia’s Alliance of Beverage Licensees (“ABLE BC”).
ABLE BC is the united voice of and a powerful advocate for British Columbia’s private liquor industry. Its 1000+ members include private liquor stores, pubs, bars, nightclubs and hotel liquor licensees.
“ABLE BC selected PayVida over other merchant service providers because of its instant application approval process and innovative payment technology,” said PayVida CEO Ryan Strauss. “We anticipate reducing transaction costs for our members, while growing our membership base through our new partnership.”
PayVida’s partnership with ABLE BC creates a direct channel into a network of BC’s private hotels and pubs. ABLE BC’s Executive Director Jeff Guignard recently completed a 10,000 kilometre, 20 city, 250 liquor licensee tour of BC. Discussions included recent and pending changes to BC’s liquor policies and the emerging licensing framework for cannabis retail stores.
“PayVida is more than a payment processing company,” said Guignard. “This is an opportunity for us to collaborate with an innovative financial technology company, giving our members point-of-sale integrations and same day funding.”
B.C. currently has 670 private liquor stores and 195 government locations, generating over $3 billion of alcohol sales and several billion dollars of indirect economic activity.
“ABLE BC is a hub to 1,000 thriving businesses that understand the importance and the power of a highly scalable FinTech and payment processing solution to accelerate their business growth. After reviewing other competitors, ABLE selected PayVida to partner with because of the value they place on leading solutions in the payments industry,” said Victory Square Technologies CEO Shafin Diamond Tejani.
Tejani continued, “PayVida is helping to innovate the FinTech community and Victory Square remains confident that they will continue to make significant strides in this industry and stands fully ready to help support and fuel their growth.”
In March 2018, the Company entered into an agreement to invest $1,900,00 CAD in total consideration in PayVida for a current equity position of 42.05%.
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