Merrco Payments, a prominent provider of e-commerce and point-of-sale solutions for regulated industries in Canada, has announced a major leadership change as it rebrands to KORT Payments. The new management team, spearheaded by industry veteran Joel Leonoff, comprises the pioneering founders of Optimal Payments, which later became Paysafe Group.
Following the privatization of Optimal Payments for $3.9 billion in 2017 and its subsequent IPO in 2021 for $9 billion, the team is returning to the payment processing sector. Their latest venture, KORT Payments, is poised for substantial growth, bolstered by their extensive experience in revolutionizing global payment processing.
Joel Leonoff, Chairman and CEO of KORT Payments, expressed enthusiasm about the company’s future, stating, “KORT Payments has immense market potential, and we are thrilled to build on the solid foundation established by Merrco. The rebranding to KORT reflects our strategic direction to explore mergers and acquisitions and accelerate our expansion into various verticals and new regions.” He also emphasized, “The Merrco brand and its specialized offerings remain integral to the KORT family. With our enhanced resources, we will continue to invest in and expand within licensed and regulated sectors.”
KORT Payments plans to leverage its advanced platform to provide integrated omni-channel and e-commerce payment solutions. The company will focus on enhancing its product offerings and technology infrastructure, particularly targeting growth in the US and European markets as part of its ambitious expansion strategy.