Growth Equity Financing to Drive Expansion in Next-generation Payment Processing Platform
Boston, MA — August 27th, 2013 — Credorax, Inc., the Smart High-Tech Acquirer for online retailers and Payment Service Providers (PSPs), today announced a $40 million growth equity investment to support continued platform expansion. FTV Capital, a growth equity investor with a strong track record in payments and transaction processing, led the financing. Proceeds will be used to further enhance the company’s technology platform, client service, distribution capabilities and geographic footprint.
Credorax is one of the first high-tech companies to become a Principal Member of Visa Europe and MasterCard and licensed financial institution under the PSD (Payment Services Directive). As an acquirer specifically focused on the e-commerce and m-commerce landscapes, Credorax introduces an entirely new breed of acquiring — Smart Acquiring — to PSPs, ISOs and online merchants across all 27 EU member states. The company’s proprietary platform (‘ePower™’) was built to transcend many of the challenges faced by traditional acquirers relying on legacy systems originally used for “card present” (point of sale) acquiring. As the $1 trillion plus global e-commerce market continues to rapidly evolve, Credorax is uniquely positioned to address the changing needs of new and traditional business models in a card-not-present environment.
“We are excited to partner with FTV Capital, a value-added investor in the payments arena with an established track record of helping companies grow and scale,” said Benny Nachman, founder and CEO of Credorax. “FTV’s industry expertise, experience and unique set of relationships will significantly contribute to our organization as we look to further enhance our payments processing capabilities and expand into new markets.”
“Credorax’s differentiated technology-driven approach to e-commerce acquiring is what attracted us to the business,” said Chris Winship, FTV Capital partner and new Credorax board member. “We are very impressed with the execution to-date and look forward to helping the company continue to deliver innovative solutions to PSPs, ISOs and merchants while growing their presence in Europe, the U.S. and internationally.”
About Credorax
Credorax’s Smart Acquiring solutions are based on its proprietary payment platform, ePower™ a Unified Transaction Processing & Acquiring platform built to optimize the payment and acquiring lifecycle process for multi-channel retail environments. Credorax is the first high-tech company to become a principal member of Visa and MasterCard and a PSD-licensed financial institution in Europe. For more information please visit www.credorax.com or follow on Twitter @credorax.
About FTV Capital
FTV Capital is a growth equity firm with over $1 billion under management that invests in high-growth companies offering a range of innovative solutions in four sectors: business services, financial services, payments/transaction processing and technology. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for more than a decade. Founded in 1998, FTV Capital has invested in 80 portfolio companies across three funds, and has offices in San Francisco and New York. For more information, please visit ftvcapital.com.
Contacts
Chani Garb
CREDORAX
(917) 407-9821
chani.garb@credorax.com
Karen Derr Gilbert
PARTNER / FTV CAPITAL
(415) 229-3044
kgilbert@ftvcapital.com
