CardX, which builds technology solutions for credit card surcharging, has raised an additional $2m in growth financing.
The funds were supplied by Pace Financial Group, a commercial real estate funding firm. The new capital brings the total funds raised by CardX up to $8.62m.
With the new proceeds, the FinTech will look to further the development of its digital products and hire more staff for its Chicago headquarters.
The company builds technology-enabled compliance for credit card surcharging. The payment processor offers clients payment terminals, both physical and digital, and online payments, and informs customers of fee amounts.
Its technology ensures merchants are compliant with necessary credit card fee rules, such as disclosing processing fees, processing the transaction, providing itemised receipts, and automatically detecting when a debit card is used and no fees needed.
Pace Financial Group managing director John Carr said, “The CardX team has built a great company with incredible potential for continued growth. They have an excellent track record and we are very pleased to participate in funding their next stage of expansion.”
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