NEW YORK, April 3, 2019 /PRNewswire/ -- Boost Payment Solutions, the leader in commercial card optimization, today announced its closing of $12 million in a Series B equity and venture debt funding round led by Mosaik Partners and North Atlantic Capital. The proceeds will be used to raise the company's profile domestically and internationally across multiple verticals, including healthcare, telecom, freight & logistics, media, transportation, real estate and others.
Boost will also be expanding its marketing, product, support and business development teams in the U.S. and abroad. Boost is currently operational in the U.S., Canada, Europe, UAE, Australia, Brazil, and through its previously announced alliance with Mastercard, the Caribbean and other Latin American markets.
"As the only FinTech acquirer exclusively focused on B2B payments, Boost is uniquely positioned to transform how businesses pay each other around the globe," said Dean M. Leavitt, founder and CEO, Boost. "We are honored by Mosaik's continued confidence in our mission and we are excited about our new partnership with NAC."
"The explosive growth Boost has enjoyed since our initial investment in 2017 has been remarkable. The senior management team's vision for commercial payments, coupled with its proprietary technology and positioning in the domestic and international B2B markets, will continue to pay dividends" said Howard Mergelkamp, a managing partner at Mosaik Partners. "We're thrilled to be increasing our investment in this incredibly dynamic company."
David Coit, founder and managing director of North Atlantic Capital, commented, "We have a long and successful history of investing in B2B payments companies and as soon as we met the Boost team and learned about their innovative approach to solving the pain points often associated with today's electronic B2B payments, we knew we wanted to partner with the company."
Golding & Company served as exclusive strategic and financial advisor to Boost in this transaction.
Boost optimizes how commercial card payments are initiated, received, processed and reported. Boost's technology-enabled platform makes commercial cards a more cost effective, scalable, secure and business friendly alternative to traditional payment methods. Boost features a global footprint and serves most industries. The company was founded in 2009 by its current CEO and is headquartered in New York, NY.
SOURCE Boost Payment Solutions