Payment solution provider Fattmerchant has closed a Series C round on $10.5m to support the launch of a new product later in the year.
The investment was led by Atlanta-based Fulcrum Equity Partners, which led the firm’s prior funding round last year, where it raised $5.5m.
Fattmerchant offers omni-channel payment solution, offering virtual terminals, EMV terminals, digital shopping carts and mobile payment processing. Founded in 2014, the system works by retailers buying a monthly subscription, giving access to the solutions and data analytics.
The company has doubled its YoY revenue since its launch and is processing over $2bn in payments for clients across 2018. Fattmerchant is looking to hire 50 members to its team as it looks to expand across Orlando and Atlanta.
This capital injection will support the launch of a new API service, a card-present and card-not-present solution to help owners understand their business health through a single dashboard, one merchant account and one unified platform. The payment solution also integrates natively into QuickBooks Online, with bi-directional syncing.
Fattmerchant CEO and founder Suneera Madhani said, “For the last decade, payment companies have been disrupting the status quo with single solutions for the small business owner. However, they have failed to connect these solutions into a single experience.
“With Fattmerchant’s upcoming payment platform, the power of integrated payments has finally arrived. From smart terminals, robust analytics, eCommerce solutions, mobile and open APIs that speak to one another, bi-directionally – we now have the leading platform.”
Earlier in the year, Fulcrum led the $5m investment into online subscription management company SaaSOptics. The Georgia-based company hopes the capital will support its sales and marketing efforts, as well as development of new products.
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