News and resources on payments systems, innovations and initiatives worldwide.
Stax reaches unicorn status on $245 million equity raise

Stax reaches unicorn status on $245 million equity raise

US-based payments software company Stax has grown from a kitchen table startup to a billion dollar business after raising $245 million Greater Sum Ventures (GSV), HarbourVest Partners and Blue Star Innovation Partners.

Founded in 2014 by siblings Suneera Madhani, CEO, and Sal Rehmetullah, president, Stax drives the payments ecosystem for more than 22,000 small businesses, large businesses, and software platforms through an all-in-one payments API.

“As a minority woman and executive in fintech, I’m no stranger to discrimination and doubt,” says Madhani. “My brother and I built this company from our parents’ home back in 2014. Since then, we’ve grown 500% in the past three years and processed more than $23 billion in payments for 22,000 businesses nationwide. We share this milestone not just with our team, but every person of colour trying to hustle, build their own business and make history.”

The new capital comes on the heels of a significant year of growth for Stax, having just acquired automated surcharging platform CardX this past November.

The fresh equity will be used to expand product capabilities, hire new staff and expand internationally, says Madhani.

Comments: (0)