Beanstream’s President, Craig Thomson On Bambora Acquisition

With the closure of the deal just hours ago, Beanstream’s President Craig Thomson sat down and answered a few questions regarding the acquisition and what it means for the Bean.

What will be the main role for Beanstream now as a part of this global player, Bambora?

Beanstream will continue to serve merchants in North America and the UK with credit card, debit card and bank transfer solutions but will now be able to access a vast array of solutions from other members of the Bambora family. Solutions such as data analytics, offers and coupons, merchant cash advance services, alternative payment methods and retail terminal solutions.

How closely do you work with Bambora? They are the world’s largest start-up based in Sweden, how does that work with Beanstream?

Although Bambora has grown immensely over the past year, it is still very entrepreneurial at heart. The global management structure is very flat and the various business units are all run by technology and finance leaders with a proven track record in the industry. We expect to be able to continue to move very quickly with new products and services for our partners and clients

 What do the next 3 months, 6 months, and 1 year look like?

In the near term, we will be delivering our mobile EMV chip and pin solutions to the market along with our SDKs which will allow our partners to integrate their own tablet-based POS systems to our platform.

Following that we are automating our merchant and partner automated-boarding services and refreshing our back office and reporting tools to add data analytics and a cleaner overall look.

The balance of the year will be dedicated to integrating exciting new services from other Bambora businesses to provide our merchant and partners with the broadest range of services and solutions in the market.

What will be the biggest challenge you will face?

Having been through four acquisitions, the typical challenges such as business integration, culture, and structure are second nature to us. Our greatest challenge will likely boil down to ensuring that we continue to have the best and brightest team members and recruiting new staff to help rapidly expanding our business.

What investment is Bambora making into the Victoria Office?

Bambora’s stated goal is to hire the best payment and finance professionals in the world and we look forward to being able to build out our team in Victoria and across North America. In addition to its investment in people, Bambora is also making significant investments in technology and infrastructure to ensure that our team members enjoy a very high-level productivity and job satisfaction.

You are expanding your team, what roles are you currently looking for?

We are always looking for talented sales, client services, product and technology professionals.

This is your fourth acquisition, how does your previous experience prepare you?

Beanstream has been part of organizations with offices located in every region of the world and with world class executive teams. We have had the ability to learn and adopt best practices in many business areas and to learn about business and culture from our various remote teams.

The payment industry can be very complex as every region and country have its own regulations and popular payment methods, and being able to work with experts from countries around the world has been invaluable to our success.

How does the transition affect your current merchants and partners?

The transition to Bambora will be transparent to our existing partners and merchants. As we add new services and features, we will make those tools available to our clients as enhanced functionality.

What does Bambora even mean?

Bambora is a made up word but we hope that it soon becomes as synonymous to payments and Kleenex is to tissue paper!
Nicole Stright

Nicole Stright

Nicole is our coffee dependent content specialist. With a quick-witted way with words, she could make you enjoy reading an instruction manual. She was born American, raised Canadian and has lived briefly in Poland. A quintessential west coastian she can be found running the seawall, practicing savasana in yoga or enjoying an over-hopped I.P.A. Nicole is responsible for all of the bean puns as well as creating compelling copy driven by analytics that converts. She strives to simplify the complicated and wants readers to easily understand the often convoluted industry of payments.
Nicole Stright