The U.S. private equity firm’s potential acquisition of Canada’s largest payment processor, which is co-owned by Royal Bank of Canada and Bank of Montreal, has been in the works for a long time but could come together by summer, the Financial Times reported, citing unnamed sources. Moneris did not immediately respond to The Logic’s request for comment. (Financial Times)

Talking point: The deal would be another move away from merchant payment processing by Canada’s big banks, who are facing increasing competition from non-bank tech companies like Stripe, Square and Lightspeed. In July 2025, TD sold part of its payment processing business to the U.S. fintech Fiserv for an undisclosed amount. CIBC outsources merchant payment processing to Global Payments, while Scotiabank use JPMorgan Payments. Meanwhile, Rogers, which owns an in-house bank, announced last month it would expand into the area through a partnership with Victoria fintech Peloton Technologies.