CardFlight, a leader in mobile point of sale (POS) technology, announced today that it has raised $4.2 million in Series A funding.
The round was co-led by an investor group assembled by Dan Henry and MATH Venture Partners. The financing will enable CardFlight to continue to grow its engineering team and accelerate the rollout of their EMV-approved mobile payment acceptance solutions in the United States.
CardFlight is a leading provider of tools and technology to help merchants accept in-person credit card payments on iOS and Android devices.
Dan Henry is an experienced and successful payments entrepreneur who has built and operated multiple payments companies. From 2008 to 2014, he was CEO of NetSpend, a leading provider of reloadable prepaid cards and related financial services that was acquired by TSYS for $1.4 billion. "The team at CardFlight has a deep understanding of the opportunities and challenges in deploying payment solutions on mobile devices," said Henry. "I'm excited to help them continue to expand their business."
MATH Venture Partners is a Chicago-based early to growth-stage fund managed by a seasoned team of hands-on investors and operators. "Mobile point of sale is one of the fastest growing segments of the payments industry," said Troy Henikoff, Managing Director at MATH. "CardFlight has already built an impressive customer base and we're excited to help their team grow from here."
A number of seasoned payments executives have invested, including Stuart Harvey, formerly CEO of payment processor Elavon, and Mark O'Connell, chairman of Multi Service. The round of financing also included Silicon Valley Bank and strong participation from current investors, including ff Venture Capital, Great Oaks Venture Capital, Entrepreneurs Roundtable Accelerator, Plug & Play Ventures, and Apostolos Apostolakis.
CardFlight will use the funds to continue to bring best-in-class mobile payment solutions to market. The company has already established leadership in mobile EMV chip card acceptance, announcing last month that it was certified by First Data and the major payment card associations to accept EMV transactions. This makes CardFlight one of the first and only mobile solution providers to process EMV chip card payments in the United States. These capabilities are particularly timely, as beginning October 1, merchants who have not upgraded to accept EMV transactions can become liable for counterfeit card fraud losses that occur at their stores with chip-enabled cards.
"We're excited to be adding investors with such deep experience growing and scaling startups in the payments industry," said Derek Webster, Founder and CEO of CardFlight. "This round of funding further validates CardFlight's leadership in mobile payments and will enable us to roll out even more advanced solutions in the months and years ahead."