Source: F1 Payments
F1 Payments (the “Company”), a fintech company focused on increasing business velocity for all constituents in the payments ecosystem, today announced it has received a strategic recapitalization and growth investment from an affiliate of York Capital Management.
Financial terms of the transaction were not disclosed.
In conjunction with the transaction, Chad Anselmo, President, has been named Chief Executive Officer. F1 Payments Founder, Shane Hibbeler, has retired from the Company. Sunil Kappagoda, a 30-year fintech executive who previously held senior leadership positions at Verifone and Boston Consulting Group has joined F1 Payments as Chairman of the Board of Directors.
F1 Payments delivers quick, secure and easy-to-use payments services to financial agents, merchants and institutions. The Company will leverage the investment to further accelerate its rapid growth, both organically and via strategic acquisitions.
“We are incredibly excited to partner with York Capital during this next phase of growth for the Company,” said Anselmo. “We remain laser-focused on increasing business velocity, delivering integrated technology solutions and driving superior business performance for our customers while continuing to execute our H.I.G.H.E.R. core values.”
“F1 Payments has built an impressive business with runway for growth in just a short amount of time,” said Harish Nataraj, Managing Director at York Capital. “It’s an exciting time in payments and we are pleased to have the opportunity to support the Company’s profitable growth strategy and upward trajectory with our financial and operational expertise,” added Nataraj.
The investment was made from York Capital’s middle-market private equity fund, York Special Opportunities Fund III, L.P., an $800 million dedicated fund raised earlier this year. Leonis Partners acted as financial advisor to F1 Payments. Keefe, Bruyette & Woods, a Stifel company, served as financial advisor to York. For more