Walmart, CVS, Circle K Stores, Costco, Intercontinental Hotels and Resorts, LongHorn Steakhouse, Olive Garden, Outback Steakhouse, Whole Foods, and many other large retailers as well as independent stores and restaurants, representing over 430,000 nationwide trading relationships rely on Fintech's solutions, which enable connections into almost 3,000 alcohol distributors in the U.S. and process more than $24 billion of payments annually.
"We have established Fintech as a clear market leader, and Luminate Capital is an ideal partner as we embark upon the next stage of our growth strategy," said Scott Riley, CEO of Fintech. "Luminate brings specific expertise around product strategy, data solutions, and aggressive growth initiatives, all of which will help us offer more value-added solutions to our existing client base and expand our distribution to retailers across the country."
"Fintech has built the market leader in alcohol payments over a 25-year history. As we have done with other investments, we intend to build upon that leadership by investing in software development to create more innovative solutions, expand our data analytics capabilities, and build a market-leading sales and partnership community to expand our market reach," said Scott Kingsfield, an operating partner at Luminate, Executive Chairman of PDI and former president of the retail divisions of Radiant Systems and NCR.
"Fintech's data and payment system is a truly best-in-class solution in the beverage alcohol market," added Hollie Haynes, founder and managing partner at Luminate. "We intend to utilize Fintech's unique position at the center of the beverage alcohol industry to provide insightful data solutions to all constituents in the beverage alcohol ecosystem. We can't wait to embark on an exciting partnership with the Fintech team."
Hollie Haynes and Scott Kingsfield will join Fintech's Board of Directors.
Kirkland & Ellis, LLP served as legal advisor to Luminate. Holland & Knight served as legal advisor to Fintech.
Fintech®, located in Tampa, Florida, provides a single source payments solution to the alcohol industry saving retailers and distributors time and money. The Fintech platform also provides user-friendly data and analytic reporting to equip businesses with powerful purchasing knowledge. Fintech also acts as a strategic advisor, connecting businesses through industry partnerships. Fintech is the only EFT provider that is compliant and available for use in all fifty states. Servicing over 430,000 relationships and working with almost 3,000 distributors, Fintech processes over 500,000 invoices weekly, representing $24 billion in payments annually. For more information visit: www.fintech.net
About Luminate Capital Partners
Luminate Capital Partners is a private equity firm focused on investments in software and software-enabled services companies. Luminate partners with management teams to provide flexible capital in order to drive strategy, growth and operational improvements. For more information visit: www.luminatecapital.com.
For Luminate Capital: Chris Tofalli
Chris Tofalli Public Relations
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fintech-and-luminate-capital-announce-strategic-investment-300388377.html
SOURCE Luminate Capital Partners