Montreal startup Lightspeed files for IPO, aiming for $1bn valuation

By nat blo

Lightspeed, a SaaS fintech company from Montreal, announced on Thursday plans to file for an Initial Public Offering (IPO) in the wake of the release of its omnichannel payment platform aimed at US-based SMEs. According to the Montreal Gazette, Lightspeed’s IPO is being hailed as a momentous success story for Montreal’s tech industry and Canada’s startup scene.

“It’s really one of the great high tech success stories in Montreal,” said Karl Moore, a professor at McGill University’s Desautels Faculty of Management.

The Gazette reports that Lightspeed i seeking to raise over US$150mn the the IPO, which will allow the company to reach a valuation of $1bn. Achieving this would make Lightspeed one of the few Canadian startups - alongside Hootsuite and Shopify - to achieve unicorn status.

On January 30, 2019, Lightspeed released its Lightspeed Payments service for US retailers, as well as expanding the platform’s core functionality by seamlessly integrating the point of sale and payments processing for both physical and eCommerce stores, Lightspeed Payments simplifies business management for owners and employees alike through a single, comprehensive system. SMBs get one bill, one support line to call and one system of record.

SEE ALSO: 

"Retailers are not only looking to make payment processing as seamless as possible to expedite checkout and optimize sales, but they want a solution that minimizes the time and effort required to manage operations so they can spend more time focusing on their customers," says Dax Dasilva, Founder and CEO of Lightspeed. "By providing SMBs with a comprehensive solution including fully-integrated payments processing, customers benefit from reduced complexity on both the front and back end of their business."

Brian Pinchuk, a portfolio manager at Lorne Steinberg Wealth Management, a Montreal-based financial planning firm told the Gazette that “there is much to like about the company, which is quickly becoming Canada’s next great technology success story. But, like many software firms growing revenue at a healthy clip, they also generated significant losses, making it a challenge for investors to evaluate.”

Share

Featured Articles

Microsoft, McDonald’s latest firms to run civil rights audit

Microsoft and McDonald’s join Amazon, Citi, JPMorgan and others in conducting civil rights audits, as investor pressure to achieve racial equity mounts

Deep dive: Investment in carbon capture rises as CO2 spikes

Investment in carbon removal solutions and startups is heating up as fast as the planet, with Temasek and CEMEX Ventures the latest VCs to launch funds

Dialight envisions a safe industrial world with LED lights

Reliance on inefficient lighting technologies are not only harmful to the environment, but also increase injury risk and cost

Top 10: Tech, cyber, 5G, cloud speakers at TECH LIVE LONDON

Technology & AI

Eight big announcements made at Davos 2022, from ESG to tech

Sustainability

Hear Vodafone Business cyber chief Kawalec at Cyber LIVE

Leadership & Strategy