LightSpeed to move into payments on $35 million funding round

Source: LightSpeed

LightSpeed, the commerce platform for serious retailers, today announced that it closed $35 million in new funding led by Canadian investment firm, iNovia Capital, and previous investor, Accel Partners.

This is LightSpeed's second round of funding and comes at a time of rapid growth for the Company - bringing total capital raised to $65 million.

Today, more than 20,000 of the most discerning retailers in more than 30 countries trust LightSpeed to help run their stores, including Adidas, Harman, Leica, and DASH. LightSpeed now processes more than $7.5 billion in annual transactions.

"At LightSpeed, we're passionate about building the most innovative software products for retailers around the world and continuing to delight our customers," said Dax Dasilva, CEO of LightSpeed. "This investment will help us continue to scale our reach and break into new verticals and geographies."

This funding round will accelerate the path of innovation set by LightSpeed, fueled by a series of product innovations that make it easier for retailers to build, manage and grow their business. This includes the January debut of LightSpeed Web Store for Cloud, which provides quick, easy ecommerce setup for retailers; LightSpeed Cloud for iPad, a fully brandable point of sale system that launched in May; and Advanced Reporting, which became available in June and allows for in-depth analytics for cross-channel and multi-store analysis.

Payments Innovation with LightSpeed Payments
LightSpeed is also announcing LightSpeed Payments, a new payments platform coming this fall in partnership with Element Payment Services, a Vantiv company. With LightSpeed Payments, retailers will no longer need to deal with a third party to begin accepting credit and debit cards or access critical information about financials, greatly simplifying store management. Additionally, LightSpeed will offer a merchant-friendly, transparent, flat-rate pricing model and support for Apple Pay.

"Payments is the next step in our plan to make it possible for retailers to manage their entire business within LightSpeed," said Dasilva. "By combining the point-of-sale with payment processing, LightSpeed will be able to offer retailers an end-to-end experience superior to anything in the market. This partnership eliminates the time-consuming task of reconciling between two different systems and will surface information inside of LightSpeed that will allow retailers to make better informed decisions."

"LightSpeed is deeply ingrained in the challenges and needs of today's retailer. They've figured out how to make big-box retail tools easy and accessible to independent retailers to help them thrive in a highly competitive market," said Chris Arsenault, Managing Partner at iNovia Capital. "We are thrilled to be their partner in this journey."

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