Payment processing platform Fivestars has reportedly raised $52.5m in its Series D round, which comprises of both debt and equity.
The capital infusion was led by Salt Partners, with additional contributions coming from Lightspeed Venture Partners, DCM Partners, Menlo Ventures and HarbourVest Partners, according to a number of reports in the media.
With the close of the round, Fivestars hopes to increase the development of its technology and bolster the marketing of its services.
The FinTech platform provides businesses with a range of payment processing tools including point-of-sale (POS) terminals, loyalty and retention programmes and marketing efforts.
Its POS solution is touchscreen and comes with a contactless card reader to make the process seamless. Customers can also use the device to sign-up to a store’s loyalty programme. A customer’s phone number will be linked to their card and the terminal will automatically remember them whenever they make a payment.
Loyalty points can be viewed by a customer by signing in through their mobile phone and businesses can set the entire reward scheme up themselves.
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