B2B payments player Boost Payment Solutions has raised $22 million in a Series C funding round led by Invictus Growth Partners.
Existing investors Mosaik Partners, INGWE Capital and North Atlantic Capital participated in the round, the proceeds of which will be used to support expansion of sales, marketing and product development.
Describing itself as the only fintech acquirer focused exclusively on the B2B market, Boost is taking aim at a massive sector that still suffers from a lack of digitisation.
The firm says its technology provides a seamless, secure and cost-effective way for commercial trading partners to enable credit card transactions. The Boost Intercept STP platform automates the entire onboarding, credit card transaction and reconciliation process for buyers and suppliers.
Meanwhile, the Dynamic Boost platform provides flexible pricing constructs via proprietary interchange rates, while also enforcing any acceptance rules established among the trading partners.
Dean M Leavitt, CEO, Boost, says: "Boost’s unique positioning in the industry and the vast addressable market in B2B payments has led to tremendous growth that we expect will accelerate over the next several years."