YapStone, a leader in global payments for large marketplaces, announced the first closing in a Series C funding round, raising $71 million.
Premji Invest led the round and was joined by several high-profile investors, including Mastercard and existing investors, Accel and Meritech Capital Partners.
"YapStone has grown over 35 percent annually for the past decade and 2017's growth was exceptional," says Tom Villante, Co-Founder and CEO of YapStone. "This funding will help us grow our leadership position in serving global marketplaces and software companies, utilizing new technologies in expanded geographies."
YapStone's growing portfolio of impactful payment-based products has driven strong growth among enterprise customers, particularly in the explosive sharing economy marketplace space. This latest funding round will give YapStone the flexibility to significantly expand its innovative product offering, greatly broaden its geographic footprint and allow the company to aggressively pursue mergers and acquisitions to accelerate growth.
"Premji invests in private companies with all the right ingredients to become thriving public companies," says Sandesh Patnam, Lead U.S. Partner at Premji Invest. "YapStone's comprehensive approach to payments makes this investment very exciting to us and we look forward to significant acceleration in the coming years."
YapStone's configurable payment features enable marketplace and software customers to monetize transactions flowing through their platforms and improve conversion while minimizing capital and operational expense. Customers can auto on-board in seconds and take advantage of the company's full range of payment methods for consumers, flexible global payouts to merchants, instant and deferred funding, and sophisticated split payments functionality.
Financial Technology Partners LP and FTP Securities LLC (together "FT Partners") served as exclusive strategic and financial advisor to YapStone on this transaction.
Contributed | what does this mean?