MERRCO PAYMENTS ANNOUNCES NEW MANAGEMENT TEAM AND REBRANDS AS KORT PAYMENTS

Group of Industry Pioneers set to Deliver Cutting-Edge Solutions Across the Globe Through
Aggressive Expansion into new Verticals

TORONTO, July 16, 2024 /PRNewswire/ - Merrco Payments (Merrco), a leader in e-commerce and point of sale payment solutions for licensed and regulated industries in Canada, is pleased to announce its new management team led by Joel Leonoff. The group of pioneers who founded Optimal Payments (later re-named Paysafe Group) are eager to return to the payment processing industry following the privatization of the business in 2017 for US$3.9B and its subsequent IPO in 2021 for US$9B. With decades of experience revolutionizing global e-commerce and payment processing, they are set to embark on a new venture with their strategic investment in Merrco rebranded as KORT Payments, which is well-capitalized and positioned for exponential growth.

"Merrco has tremendous market potential, and we are excited to build upon its strong foundation. To reflect this next chapter, the parent company is being rebranded as KORT Payments (KORT), which will focus on exploring strategic M&A opportunities and expediting growth into various verticals and new geographies," said Joel Leonoff, Chairman and CEO of KORT.  Leonoff added, "The Merrco brand and its suite of specialized products remain a critical part of the KORT family and with our additional resources we will continue to invest and grow in licensed and regulated industries."

With its robust enterprise-grade platform, KORT will offer omni-channel integrated and e-commerce payment solutions and will focus on building out the appropriate products and technology platforms with a focus on the US and European markets to support its aggressive growth plans.

KORT's new management team, boasting over 200 years of collective experience in global e-commerce and payment processing, is well-equipped to lead the company's transformative journey. With a history of leveraging technology and building tailored offerings that exceed customer expectations, they are poised to elevate KORT to new heights globally. To expedite the process, they have already begun tapping into their vast network of technology partners, salespeople, independent sales organizations (ISOs), bank partners, resellers, and brokers. The company's client-centric, solution-oriented approach is also attracting top talent and new partners, setting the stage for accelerated growth.

About KORT Payments

Founded in 2016, Merrco Payments (Merrco) is a leader in e-commerce and point of sale payment solutions for licensed and regulated industries in Canada. Merrco simplifies and secures payment transactions, utilizing advanced security protocols to safeguard sensitive data and ensure compliance with industry regulations. Its solutions are compatible with a wide range of existing systems, ensuring a streamlined payment processing experience. Merrco offers an array of payment options tailored to meet the unique needs of regulated industries, enabling clients to focus on business growth. In 2024, Merrco's parent company was rebranded as KORT Payments, and is focused on strategic M&A and expanding the company's reach to further innovate and grow in the global e-commerce and payment processing market.

For more information about KORT Payments, please visit www.kortpayments.com.
For more information about Merrco Payments, please visit www.merrco.com.

SOURCE MERRCO PAYMENTS