Payments & Transaction Processing
Long-term themes driving activity in the financial services sector include:
- Consolidation, market inefficiencies, changing regulations and the ever-expanding demand for e-commerce are driving opportunities in the payments industry.
- The explosion of mobile computing is motivating demand for simple, intuitive payments solutions that bridge multiple interfaces (PC, smartphone and tablet) seamlessly with back-end functions.
- Globalization of commerce is stimulating continued innovation and development of new, more efficient payment methods capable of cross-border transactions.
- Healthcare payment systems are highly complex and paper-based, offering tremendous opportunity for innovation.
350%
AGGREGATE REVENUE GROWTH
from investment to exit
2014
MEDSYNERGIES ACQUIRED BY OPTUM (UNITEDHEALTHCARE)
largest FTV exit to date
- Investment Date: 2015
- Status: Private
- Headquarters: Clayton, MO
- Website: clearent.com
- FTV Contacts: Chris Winship, Robert Anderson, Adam Hallquist
Clearent
Credit card payment processor offering flexible merchant pricing, next day funding and online reporting.
Investment Theme
Fragmented merchant acquiring market; opportunity to differentiate, consolidate and scale.
- Investment Date: 2010
- Status: Private
- Headquarters: Atlanta, GA
- Website: company.com
- FTV Contacts: Richard Garman
Company.com
Offers a B2B social network that provides business owners and professionals with advice and services to run their business.
Investment Theme
Underserved SMB market with financial services and payment solutions.
- Investment Date: 2013
- Status: Private
- Headquarters: Southborough, MA
- Website: credorax.com
- FTV Contacts: Chris Winship, Robert Anderson
Credorax
End-to-end global eCommerce payments platform offering transaction processing and acquiring bank services.
Investment Theme
Rapid growth of global eCommerce.
- Investment Date: 2017
- Status: Private
- Headquarters: Curitiba, Brazil
- Website: business.ebanx.com/en
- FTV Contacts: Robert Anderson, Chris Winship, Alex Malvone
EBANX
Leading cross-border payment processing company that offers Latin American local payment methods to international merchants, enabling them to sell their products and services to Latin America
Investment Theme
Global cross-border payments is large and growing market with Latin America representing a significant opportunity.
- Investment Date: 2018
- Status: Private
- Headquarters: San Francisco, Los Angeles, Chicago, New York
- Website: neonone.com
- FTV Contacts: Chris Winship, Robert Anderson, Gary Weber
Neon One
End-to-end ecosystem dedicated to helping nonprofits achieve philanthropic goals by providing a user-friendly, integrated and state-of-the-art technology platform.
Investment Theme
Large and fragmented non-profit software market with growing donation volume.
- Investment Date: 2020
- Status: Private
- Headquarters: London, UK
- Website: paddle.com
- FTV Contacts: Kyle Griswold, Alex Malvone, Anish Johri, Justin Levine
Paddle
The leading Revenue Delivery Platform for SaaS companies that powers rapid growth across customer acquisition, renewals and expansion by enabling checkout, invoicing, payments and tax compliance in one unified platform.
Investment Theme
Powerful market forces are reshaping the software industry, particularly the high-growth SaaS market, which is predicted to be worth over $105 billion in 2020. Many SaaS companies have seen demand surge during the Covid-19 pandemic as businesses and consumers became increasingly reliant on digital products and services.
- Investment Date: 2018
- Status: Private
- Headquarters: Seattle, WA
- Website: tangocard.com
- FTV Contacts: Chris Winship, Robert Anderson, Mike Vostrizansky
Tango Card
Cloud-based digital gift card and incentives platform for enterprise customers providing employee rewards and customer incentives & rebates
Investment Theme
B2B prepaid market is large and growing, and the gifting/incentive space continues its move from physical to digital delivery
- Investment Date: 2018
- Status: Private
- Headquarters: Dublin, CA
- Website: sales.vagaro.com
- FTV Contacts: Robert Anderson, Richard Garman
Vagaro
Leading cloud-based business management platform with an integrated payment system for the salon, spa and fitness industry.
Investment Theme
Growing demand for integrated software and payments solutions in the expanding global health and wellness market.
- Investment Date: 1999
- Status: Acquired by CheckFree in 2000
- Headquarters: Ann Arbor, MI
- FTV Contacts: Chris Winship
BlueGill Technologies
Provides solutions for converting legacy data into Internet-deliverable formats for electronic presentment of bills, statements and other customer applications.
Investment Theme
Digitization and consumerization of financial services.
- Investment Date: 2010
- Status: Acquired by First Data in 2017
- Headquarters: Philadelphia, PA
- Website: cardconnect.com
- FTV Contacts: Richard Garman, Chris Winship, Kyle Griswold
CardConnect
Merchant acquirer that offers merchants payment processing solutions to accept credit cards, debit cards, gift cards, and checks at the point-of-sale.
Investment Theme
Fragmented merchant acquiring market; opportunity to differentiate, consolidate and scale.
- Investment Date: 2011
- Status: Acquired by Blackhawk Network in 2017
- Headquarters: Portland, ME
- Website: cashstar.com
- FTV Contacts: Chris Winship, Kyle Griswold, Robert Anderson
CashStar
Provider of prepaid commerce and digital gifting solutions for retailers and restaurants.
Investment Theme
Rapid growth in global e Commerce.
- Investment Date: 2008
- Status: Acquired by Wright Express in 2012
- Headquarters: Nashville, TN
- Website: fleetone.com
- FTV Contacts: Richard Garman, Chris Winship, Kyle Griswold
Fleet One
Provides fuel cards and fleet management information services to trucking, commercial and government vehicle fleets.
Investment Theme
Differentiated payment offering leveraging technology.
- Investment Date: 2004
- Status: Acquired by Optum/UnitedHealthcare in 2014
- Headquarters: Irving, TX
- Website: medsynergies.com
- FTV Contacts: Richard Garman, Chris Winship
MedSynergies
Develops outsourced billing, claims administration and payment processing services to healthcare providers, such as physician groups, hospitals and corporate healthcare providers.
Investment Theme
Payment industry opportunities given significant and growing market inefficiencies driven by evolving health care landscape.
- Investment Date: 2002
- Status: Acquired by The Sage Group PLC in 2006
- Headquarters: Nashville, TN
- FTV Contacts: Richard Garman, Chris Winship
Verus Financial Management
Provides merchants with payment processing services from third party payment processors, including credit card authorization and payment, electronic funds transfer, electronic funds conversion and Internet gateway services.
Investment Theme
Fragmented merchant acquiring market; opportunity to differentiate, consolidate and scale.
- Investment Date: 2010
- Status: Acquired by Amdocs in 2016
- Headquarters: Belmont, CA
- Website: vindicia.com
- FTV Contacts: Chris Winship
Vindicia
Provides on-demand billing and fraud management services that manage subscriptions and one-time payments for online content, media, gaming, and SaaS companies.
Investment Theme
Rapid growth of global eCommerce.
- Investment Date: 2016
- Status: Acquired in 2021
- Headquarters: Richardson, TX
- Website: vpayusa.com
- FTV Contacts: Chris Winship, Richard Garman, Robert Anderson
VPay
Total payment solution that eliminates checks and postage, simplifies reconciliation and creates efficiencies to maximize productivity.
Investment Theme
B2B payments landscape continues to be dominated by paper and manual processes; massive commercial payments and claims processing market needs to leverage technology to reduce manual processes, automate payment reconciliation, mitigate fraud losses and limit delays in funding or settlement without any account enrollment.
- Investment Date: 2015
- Status: Acquired by JPMorgan Chase in 2017
- Headquarters: Palo Alto, CA
- Website: wepay.com
- FTV Contacts: Chris Winship, Robert Anderson
WePay
Online payment service provider focusing on platform business such as crowdfunding sites, marketplaces and small business software.
Investment Theme
Rapid growth of global eCommerce.
- Investment Date: 2013
- Status: Acquired by Ant Financial in 2019
- Headquarters: London, UK
- Website: worldfirst.com
- FTV Contacts: Brad Bernstein, Kyle Griswold
WorldFirst
International payment platform offering FX and hedging solutions to SMBs, marketplaces, banks, asset/wealth managers and individuals globally.
Investment Theme
Rapid growth in cross border commerce.
- Investment Date: 2001
- Status: Acquired by JPMorgan Chase in 2007
- Headquarters: Pleasanton, CA
Xign
Develops solutions for the financial supply chain. Its first product is a business-to-business payment and settlement system that links the accounts payable and accounts receivable processes of buyer and supplier organizations via the Internet.
Investment Theme
Payment industry opportunities given significant and growing market inefficiencies – B2B payments.