Chicago-based payment solution platform CardX has closed a $2.1m investment led by NXGEN International and also saw contributions from two undisclosed investors.
CardX is a payment processor for all types of card payments, with pay terminals, online payment systems and in-office orders. A company receives all proceeds from credit card sales; however, clients pay $0.25 on top of 1 per cent total fee, on all debit card sales. The client also pays $35 a month to use the payment terminal.
The solution, which is fully compliant, is used across the US by businesses, governments and educational facilities.
The capital raised will help the company to launch a direct sales channel, hire more staff for its team and to build on the platform to boost its current sales partner channel.
CardX CEO Jonathan Razi said, ?We see demand increasing daily for an affordable and compliant solution to pass on the credit card fee. This additional capital, as well as the impressive talent joining our Board, enhances our position as the market leader.p>
Following the investment, Thomas Nitopi, Michael Tomko, and Charles McDonald will join CardX board of directors.
The North American payments sector saw a huge decline in the funding during Q2 2017, with it reaching $153m. Investments in the sector have gone back up after Q3 saw $611m funded; however, this is still not as much as the opening quarter which raisd $751m.