US-based payments company SwipeSum bags $1.1m in its funding round

SwipeSum, which is designed to help businesses find the best payments solution, has nabbed $1.1m in its funding round.

Cequel III chairman and CEO Jerry Kent led the investment, with several other angel investors joining the round.

Missouri-based SwipeSum will use the capital to improve the software of its AI-powered credit card processing statement analysis tool. Funds will also be put towards the expansion of sales and marketing.

The company was created in 2016 by Michael Seaman who noticed there was a broken system and he could capitalise on a $900bn industry. Seaman found the payments space had left merchants frustrated because of legacy merchant acquisition strategies, convoluted contracts and complex patchwork of providers.

This helped to create SwipeSum, a software-enabled service that aids businesses to find the best payment solutions and at the best rate, all for free.

SwipeSum CEO and Founder Michael Seaman Seaman said, “After building the core technology, the advantages of working with a software assisted payments consultant to navigate the complexities of contracts and integrations began to be recognized. In 2019 SwipeSum consulted over $6bn in credit card processing revenue, focusing on integrated software vendors, enterprise, e-commerce, multi-locations retailers and non-profits, and we continue to grow.”

SwipeSum claims to have helped businesses owners save a combined total of $2.3m, netting them an average of $7,848.00 each.

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