Syncapay CEO Juli Spottiswood sees opportunity ahead after key merger

PLANO, TX – Syncapay’s Juli Spottiswood is looking ahead after an acquisition that drew a lot of attention.

As CEO of the Plano, Texas firm, she oversaw the tie-up of North Lane Technologies, formerly Wirecard North America Inc., and DaVinci Payments. They operate under the umbrella of Syncapay in the digital payments industry.

Wirecard in Germany, the former parent company, has come under scrutiny and filed for bankruptcy in June after auditors found a $2 billion hole in its balance sheet, The Wall Street Journal reported.

Spottiswood, a veteran of the industry, said she sees opportunities ahead as the merged company long pre-dates what happened of late. North Lane began as a company called Ecount in 1997, was acquired by Citibank in 2007 and sold to Wirecard AG around 2017, where it was a separate legal entity operating independently.

“It is a company that I have admired and respected for over 20 years, and it was an easy carve-out acquisition from its former parent company,” Spottiswood said.

Amid the acquisition, Syncapay also said it received a majority equity investment from funds advised by Centerbridge Partners, a private investment management firm with experience in the financial services sector. It joins existing investors, including Bain Capital Ventures.

Syncapay’s companies help with incentive payments, including those made to consumers, employees and channel partners, she said. It’s an effort that’s especially needed amid COVID-19 as merchants and retailers seek assistance with getting customers and keeping them. At the same time, there’s just more and more interest in the shift to digital services.