Canadian company says it will be ‘more than happy’ to invest in US company Ilink business manager says
Ilink, a Canadian startup that sells electronic-card readers that read credit cards, is set to open a US office.
Ilink CEO and co-founder David Sussman says the new office in Boston will be a “valuable asset” for the US.
Ilinks business management team has said the office will be “one of the most important new offices in the US.”
Ilinks product is being developed for use in the United States.
“We are a very small team, but we are the most experienced in the world,” Sussmans told Reuters.
“I think the timing is right for us to open this office here in the USA.”
Ilink was founded in 2015 by Sussmann and David Siegel, who are both Canadians.
Ilks new US office will help it expand to the US The company said in a statement that it will invest up to $1 million in the new US offices, which it has not yet set up.
The US office is set up in New York, according to a release.
“The goal is to help the company expand internationally,” Siegel told Reuters on Friday.
“This is a very important step, because we have a very strong global presence and we have very strong local markets.”
Ilks technology is being built in Toronto.
The company has offices in Ottawa, Montreal, Toronto, Halifax and Quebec City.
“Our team will work closely with our existing offices in Canada and the US to ensure that the technology we are developing in both countries is aligned with our needs,” the company said.
The announcement comes a day after the Wall Street Journal reported that the company had been told to close a $250 million financing round, with some investors losing money.
Siegel said on Friday that he was “very pleased” to be able to “have an opportunity to expand” and bring Ilinks technology to the United State.
Ilinking said in February that it had raised $250.4 million in its first funding round in the last two years.
The deal was not announced when it closed on Friday, but the company says the funds were raised in December and April of this year.
The Chicago-based company says its products, including the Cardreader, will soon be able read credit and debit cards.
The card reader will be able “to process the entire range of US cards” including American Express cards, Visa cards, MasterCard cards and Discover cards.