Why Canadian payments platform Moneris is being sold to U.S. private equity

Canadian commercial solutions and payment processing platform Moneris is set to undergo a change in ownership, with American private equity firm Francisco Partners acquiring the company for $2 billion. Moneris, a joint venture between the Bank of Montreal and the Royal Bank of Canada, is one of the nation's leading commerce solutions providers.

The sale will result in both parent banks each retaining a 50 per cent stake in the platform. Moneris CEO James Hicks expressed optimism about the partnership, stating that it will broaden solution offerings and enhance support for businesses. Francisco Partners emphasized their commitment to continued investment in innovation, platform expansion, and long-term growth while maintaining Moneris' distinct Canadian identity.

The acquisition comes amid growing concerns about the increasing influence of U.S. tech companies on Canadian businesses and infrastructure. In September 2025, prominent figures and tech experts urged Prime Minister Mark Carney to address these issues through legislation. A recent report revealed that three major U.S. tech firms—Amazon, Microsoft, and Google—hold 85 per cent of the public cloud market share in Canada.

The Canadian government is actively working toward establishing a "sovereign AI foundation" in the country, including the construction of a large-scale AI data centre capable of scaling to 100 megawatts. While the Moneris sale may be seen as a setback by those hoping for more progress on this front, Canadian economist Moshe Lander noted that it is not necessarily indicative of a larger trend.

Canada currently maintains a trade surplus and is a net exporter, meaning foreign investors are acquiring more assets from the country than vice versa. Most of Canada's foreign assets remain tied to the U.S., with the American market accounting for 58.9 per cent of Canada's foreign financial assets.