Cross-border payment provider Transfast has picked up a $40m credit facility from investment firm Comvest Partners.
Founded in 1988 Transfast predates VC-backed remittances startups such as TransferWise and Azimo significantly.
The New York-based company operates a network of more than 200,000 points of payments across more than 120 countries and claims its global reach covers 88% of the world’s population.
Transfast is owned by GCP Capital Partners and the credit facility comes from Comvest Partners in the form of a loan to fuel expansion and serve as working capital.
GCP managing director Boris Gutin said: “We are excited about partnering with Comvest to help support further growth.
“Transfast has achieved strong and consistent organic earnings growth each year since our investment, and we believe there remains significant market opportunities across its key corridors and products.”
Founded in 2000, Chicago-based Comvest provides equity and debt to middle-market US companies and has invested more than $2.4bn across 140 companies to date.
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