Payment solution provider Fattmerchant has closed a $5.5m round of funding, from Fulcrum Equity Partners.
Fattmerchant offers omni-channel payment solution, offering virtual terminals, EMV terminals, digital shopping carts and mobile payment processing. Founded in 2014, the system works by retailers buying a monthly subscription, giving access to the solutions and data analytics.
This capital line will be used by the company to fund the development of its product and technology, boost marketing and increase its customer acquisition. From the additional funds, Fattmerchant is able to expand its reach across the US and help businesses of all sizes.
Fulcrum Equity Partners partner Jim Douglass said, “As the demand for streamlined Fintech payment services continues to increase, Fattmerchant has been modernizing omni-channel integrated payments to merchants for the past few years. Our goal is to work with innovators that can not only build great technology to change up an important industry, but manage the logistics to do it well.”
Alongside this line of equity, Fattmerchant has surpassed $1bn completed transactions milestone. The company is also boosting its presence in the US, with the company expanding its operations to Atlanta.
With the new round of funding, the company has raised a total of up to $7.7m, having closed a $1.4m round of funding last year.
The North American FinTech sector has seen a steady QoQ rise in funding for the past three quarters, despite a decline in number of deals. The last quarter saw around $4.9bn deployed across 148 deals, while Q2 saw $3.9bn funded across 154 transactions.
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