ORLANDO, Fla., July 19, 2018 (GLOBE NEWSWIRE) -- Fattmerchant, a payment technology provider saving businesses thousands with its subscription-based model and omni-channel integrated technology, today announces it has closed $10.5 million in new financing. The Series C round is led by Atlanta-based Fulcrum Equity Partners and is instrumental in the formal development of Fattmerchant’s cutting-edge technology platform.
“We are excited to continue investing in the rapid growth and technology development of Fattmerchant,” said Philip Lewis, principal of Fulcrum Equity Partners. “Its integrated payment platform is uniquely positioned to not only meet but far exceed the increasing demands of the market.”
This recent round of funding allows Fattmerchant to propel the launch and distribution of a first-of-its-kind product in the latter stages of 2018 that will transform the way business owners manage their payments. It is the first and only card-present and card-not-present solution that is housed under a single application programming interface (API) that allows business owners to easily understand the true health of their business under one dashboard, one merchant account, one subscription and most importantly one unified platform. It is also the first payment platform to integrate natively into QuickBooks Online with bi-directional syncing, closing the gap between accounting and billing software in one easy-to-use flow.
Today, small businesses accept payments in a variety of ways, meaning small business owners need a different processor or technology solution for each and every type of transaction. With Fattmerchant’s integrated payment platform, all solutions can integrate with each other, creating a unified payment experience across a multitude of channels.
The company’s continued investment into its open API and instant onboarding through payment facilitation (PayFac) has led to the growth of channel partnerships for integrated software vendors (ISVs). Fattmerchant is simplifying the friction in the payment processing industry for its partners through their card-present and card-not-present unified experience, creating a one-stop payment solution.
“Our purpose and overarching goal is to deliver on our promise to the SMB market by creating a unified payment experience, a simple application and actionable insights into their business that allow them to grow,” said Suneera Madhani, CEO and founder of Fattmerchant. “For the last decade, payment companies have been disrupting the status quo with single solutions for the small business owner. However, they have failed to connect these solutions into a single experience. With Fattmerchant’s upcoming payment platform, the power of integrated payments has finally arrived. From smart terminals, robust analytics, eCommerce solutions, mobile and open APIs that speak to one another, bi-directionally - we now have the leading platform.”
Fattmerchant’s omni-channel solution will not only unify the disparate and disjointed payment experience of today, it will also come with seamless integrations into the business tools that merchants use every day- sophisticated analytics and merchant management tools.
“This is our second funding round led by Fulcrum Equity Partners, Venvelo and Fan Fund within the last nine months, which speaks volumes to the rapid and sustainable success we’ve fostered together,” said Sal Rehmetullah, President and Co-Founder of Fattmerchant. “The support and backing from a firm based in Atlanta’s Transaction Alley gives us the confidence that we’ll continue to compete with other major players in the payments industry both in Atlanta and Orlando.”
Fattmerchant has doubled its revenue year over year since its inception and is processing more than $2 billion in payments for its members in 2018. The company will have more than 50 job openings within the next 18 months as it continues its expansion in both Atlanta and Orlando, more than doubling its employee count. For more information about Fattmerchant careers, visit the careers page.
Fattmerchant is a payment technology provider offering subscription-based pricing, a robust integrated payments platform, and world-class customer success to businesses across the United States. Fattmerchant founders Suneera Madhani and Sal Rehmetullah, CEO and President respectively, founded the company in 2014 after working in the credit card processing industry for years and seeing how drastically the payment experience could be improved for business owners. Madhani has been recognized as one of the 2018 Most Influential Women in Payments by PaymentSource and the 2018 CEO of the Year by the Orlando Business Journal. Through its award winning integrated payment platform, not only do business owners have access to the card present and card not present solutions they need to process payments, they enjoy robust data analytics, additional business tools and a completely synced experience across all of its many devices.
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