CardSystems secures $23.6 million funding

CardSystems secures $23.6 million funding

US electronic payments processor CardSystems has secured $23.6 million funding in a private placement arranged by Chicago-based William Blair & Company and led by new investor Camden Partners.

Camden Partners joins existing investors Equity Dynamics, Principal Financial Group and Edgewater Private Equity Funds.

CardSystems says it will use the funds to improve and expand its payment processing services for its independent sales organisation (ISO) and acquiring bank clients. Investments will also be made in expanding customer services, financial and sales and marketing departments.

Scott Patterson of William Blair & Company, says: "The company's strategy of increasing market share by providing intelligent technology for processing electronic payments, while also focusing on delivering high-quality customer service, is an approach we are confident will prove successful."

CardSystems' 'intelligent technologies' include an expert system, neural network and service offerings optimised for the card processing industry. The company processes transactions for more than 60,000 merchants through its network of ISO's and merchant acquirers.

Headquartered in Northern Virginia, CardSystems' transaction processing services are available on an application service provider (ASP) or business service provider (BSP) basis.

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