AeroPay, a Chicago-based alternative payments platform, announced today the closing of a seed round to accelerate its growth.
The investment will allow AeroPay to add top-tier talent, enhance its product capabilities, and continue to scale its operations throughout the United States.
The round was led by Continental Investors, also located in Chicago, a direct private investment firm leveraging more than 70 years of investing expertise in financial services and commerce. Continental's portfolio includes e-commerce marketplace Drizly, publicly-traded financial technology company Sezzle, online payments provider WePay, acquired by JPMorgan Chase in 2017, and mobile payments platform LevelUp, acquired by GrubHub in 2018. Other investors in the round include previous angel investors and new strategic investors from the Chicago tech community and financial services industry.
"We built our platform to simplify the payments process for owners and operators in all industries and verticals," said Daniel Muller, CEO & Founder of AeroPay. "We're extremely excited about the group of investors we've brought on, specifically the team at Continental Investors, as their expertise aligns perfectly with the type of company we've set out to create."
The AeroPay platform eliminates traditional payment processing burdens, including high costs, slow settlements, and security issues. It works by enabling seamless bank-to-bank digital payments between businesses and their customers. The platform is built to work in any environment, both in-person or online.
"We have a guiding conviction that payments remains an underinvested and under-innovated category in C2B and B2B commerce," said Paul M. Purcell, (Partner) of Continental Investors. "For nearly 15 years, Continental has successfully invested and partnered with entrepreneurs pushing innovation in and around financial services and commerce. We are thrilled to welcome Dan Muller and his team at AeroPay to our portfolio."
AeroPay has experienced accelerating success in recent months. In July, the company launched a suite of compliant digital payments solutions for state legal cannabis businesses. In September, the company announced a strategic partnership with Safe Harbor Private Banking (a division of Partner Colorado Credit Union), the leading compliance-based banking program for cannabis businesses.