Online retailer acquirer and Payment Service Providers, Credorax, announced a USD40 million growth equity investment which would be used to support continued expansion of its platform. Other uses of the funds would be to enhance client services, increase distribution capabilities and expand the firm's geographic footprint.
Leading the financing round for the Boston based firm is FTV Capital, one of the leading growth equity investors that has a strong presence in the payments and transaction processing market.
According to Benny Nachman, Credorax founder and CEO, "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. 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 capabiltiies and expand into new markets."
FTV Capital partner Chris Winship, "Credorax's differentiated technology-driven approach to e-commerce acquiring is what attracted us to the business. 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 US and internationally."
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