Financial Information Technologies, a prominent technology provider that serves the beverage alcohol industry, has announced the receipt of a strategic investment from General Atlantic, a well-known global growth equity firm.
Although the exact amount raised was not disclosed, General Atlantic has joined existing investor TA Associates (TA) in supporting Financial Information Technologies.
Financial Information Technologies has a 30-year history of simplifying how alcohol retailers, distributors, and suppliers conduct business. They provide purpose-built payment solutions, business management tools, and data and analytics technology. They also built the first electronic payment solution for the regulated beverage alcohol industry. Today, they partner with over 4,600 distributors and 225,000 retail locations across the 50 states of the US.
Financial Information Technologies’s collaboration with General Atlantic and TA will aid in continued product innovation and the pursuit of M&A initiatives. These efforts align with Financial Information Technologies’s core mission to enable smooth commerce within the beverage alcohol space, aiming to enhance operational efficiency and decision-making across the value chain.
With General Atlantic’s deep experience across software and payments, Financial Information Technologies hopes to power the next phase of growth. The partnership will be focused on expanding the technology platform to further solidify Financial Information Technologies’ leadership position in the industry. The company has played a pivotal role in simplifying business solutions for operators, having had a substantial impact since TA’s initial investment in 2018.
Financial Information Technologies CEO Tad Phelps said, “Our electronic payment and data insights technologies have been adopted by a growing number of sophisticated customers, and we are excited to leverage General Atlantic’s deep experience across software and payments to help power our next phase of growth.”
Paul Stamas, Managing Director and Global Head of Financial Services at General Atlantic, also stated, “We are thrilled to support the Company as it aims to increase its leadership position by expanding its innovative technology platform.”
TA Associates has been an active supporter of Financial Information Technologies’s growth since their initial investment in 2018. Roy Burns, Managing Director at TA, expressed pride in the acceleration of the company’s profitable growth, and excitement about continuing as a long-term investor alongside General Atlantic.
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
