Payfirma Corp. ("Payfirma" or the "Company") a multi-channel payment platform provider for small and mid-sized companies, is pleased to announce that it has completed an oversubscribed Series A private placement financing.
The Company will use the funds to accelerate its growth, deepen its product offerings, and pursue strategic partnerships. Payfirma has helped thousands of businesses increase their sales by enabling them to take any type of payment through multiple channels, such as eCommerce, in-store, and mobile.
The financing was led by Dundee Capital Markets, a division of Dundee Securities Ltd., and raised gross proceeds of approximately $13 million from subscribers that include many of Canada's leading institutional investors. Since its founding in 2011, Payfirma has brought on over 4,500 business customers in USA and Canada using its multi-channel payment platform, PayHQ. Payfirma has grown to become a recognized leader in the North American payments market and has partnerships with CIBC and Apple.
Payfirma's PayHQ platform enables businesses to harness all available sales channels and access all their data using one account. Channels include a mobile phone app, iPad point-of-sale, web-based terminal, recurring billing, ecommerce APIs and integrations, and more. Based on past customer data, Payfirma customers have experienced from 80-400 per cent increased sales with two and three channels, respectively, compared to single channel customers.
"Our goal has always been to make payments simpler and to help businesses increase their sales," said Michael Gokturk, CEO of Payfirma. "Our customers have repeatedly told us that having all of their payment information in one interface makes it easy for their business to grow. Not having to manually consolidate information from all of their payment channels saves time and provides data that makes business decisions easier. We are excited about entering the Company's next growth phase."
Payfirma is tackling the sizeable global payments market. In North America alone, there are over 6 million small and medium-sized businesses that have 2 to 499 employees conducting over $4 trillion in annual sales. This is Payfirma's target market and the Company expects to remain a leader in this segment with its multi-channel payment platform.