Battery Ventures to invest in growth of fintech platform Ascendant

The deal is expected to close in the first half of 2023.

  • Ascendant’s customized solutions currently support more than 2,000 financial institutions and corporate business verticals
  • The investment’s proceeds will support Ascendant’s growth and drive product innovation
  • As part of the deal, Battery Ventures will provide strategic guidance along with an extensive network of high-growth companies

Battery Ventures has agreed to invest in Ascendant, a Toronto-based financial technology platform focused on providing cross-border business payment solutions. No financial terms were disclosed.

The deal is expected to close in the first half of 2023.

Founded in 2011, Ascendant provides simple and cost-effective payment technology solutions to drive operational efficiency and resilience for businesses. Its customized solutions currently support more than 2,000 financial institutions and corporate business verticals.

The investment’s proceeds will support Ascendant’s growth and drive product innovation.

As part of the deal, Battery Ventures will provide strategic guidance along with an extensive network of high-growth companies that can help support and advise the development of foreign exchange and international payments.

“We’re excited about building our portfolio with an innovative company like Ascendant and believe there is an incredible opportunity to grow the company and expand into new markets,” said Russ Fleischer, a general partner at Battery Ventures in a statement. “Ascendant is a trusted business partner with a proven business model, professional leadership team and state-of-the-art technology solutions. We are proud to invest in a company with a strong vision to serve, simplify and transform the international payment landscape through its full suite of financial solutions.”

Raymond James acted as financial advisor to Ascendant and McCarthy Tétrault acted as legal counsel.

Based in Boston, Battery Ventures invests in software and services, enterprise infrastructure, online marketplaces, healthcare IT and industrial technology.