Stax, an all-in-one payments platform, has collected $245m in a funding round, which brings its valuation to $1bn.
With the funds, the FinTech company plans to expand its product capabilities, bolster its customer offering, hire more staff and expand internationally.
Investors to the round include Greater Sum Ventures and Blue Star Innovation Partners.
The company is led by sibling co-founders Suneera Madhani, CEO, and Sal Rehmetullah, president. The stated this funding round is a significant milestone at a time where less than 3% of venture capital goes to minorities and less than 1% foes to businesses with women of colour CEOs.
Madhani said, “As a minority woman and executive in FinTech, I’m no stranger to discrimination and doubt.
“My brother and I built this company from our parents’ home back in 2014. Since then, we’ve grown 500% in the past three years and processed more than $23bn in payments for 22,000 businesses nationwide. We share this milestone not just with our team, but every person of colour trying to hustle, build their own business and make history.”
The FinTech company, which is based in the US, empowers over 22,000 businesses to manage their payment ecosystem, analyse data and simplify customer experiences. Through its API suite, clients can access tools for in-person, mobile and contactless transactions, e-commerce, invoicing, and more.
Rehmetullah said “At Stax, we help businesses grow and scale, all while having the flexibility to adapt their payment technologies to meet their customer needs.
“With our new capital and unicorn status, we can ensure our customers have all the tools they need to process and manage their payments. Businesses are just starting to realize how powerful payments can be in scaling their organization, and we’re here to ensure that process goes as smoothly as possible.”
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