FinTech Mediant’s investors have injected a further $18.5m into the company to fuel the next stage of its strategic growth.
The company develops communications technology and technology-enabled solutions to banks, brokers, corporations and funds.
Argentum, the New York-based growth equity firm, led the round after having previously supported Mediant’s $7m 2014 round. It was joined in this new round by Breakwater Mediant, Compo Seven Capital, Mathers Associates and First Analysis Corporation.
The deal will turn the $18.5m invested into debt.
“Mediant has proven it can innovate and show impressive growth, and do so in a highly profitable manner,” said Walter Barandiaran, managing partner of Argentum and chairman of Mediant. “By converting our debt into equity, our investors feel we are better aligned to both support that growth and the innovation that Mediant’s clients have come to expect from the company. We are excited about the future.”
Mediant said that the time of the invest comes at a time when the raging Covid-19 pandemic has created “unprecedented demand for Mediant’s platform, particularly Mediant’s MIC Digital Shareholder Meeting.”
“Mediant continues to enjoy solid growth, and we are pleased that this transaction validates our strategy for the future, strengthening our balance sheet and freeing up additional resources to help service the banks, brokerage firms, corporate issuers and investment companies that rely on us for their regulatory communications,” said Arthur Rosenzweig, founder and CEO of Mediant. “We are energised by the partnership and commitment from our investors that this transaction represents.”
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