FreedomPay nets investment from TPG

Payments processor FreedomPay has received an investment from TPG, for an undisclosed amount.

Founded in 2000, FreedomPay provides a cloud-based payments solution for the complete commerce space, with clients ranging across retail, hospitality, gaming, education, healthcare, and financial services.

The omni-channel payments and incentives system bring merchants a fully-integrated payments processor which can manage their transaction infrastructure, security, analytics and marketing efforts.

Its technology is authenticated by the PCI Security Standards Council for point-to-point encryption and also has EMV, NFC and DCC capabilities.

FreedomPay founder and CEO Tom Durovsik said, “TPG has deep experience partnering with leading technology companies to strategically enhance and grow their businesses. Their partnership is a testament to our strong growth and differentiated platform. We look forward to working together to continue to provide smart, seamless, and insightful payments solutions for enterprises across the globe.”

RBC Capital Markets served as the financial advisor to TPG for the deal.

Last year, the company formed a partnership with Chinese digital payments giant Alipay in a bid to support Chinese tourists making payments in the US. The deal sees Chinese users of AliPay able to use the platform in any North American merchant that use FreedomPay’s services.

Earlier in the year, TPG led the $80m minority investment into Sonatype, a provider of automated open source governance. The firm participated in the $45m Series B round of mobile banking solution Varo Money.

Copyright © 2018 FinTech Global

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