DENVER, Nov. 17, 2020 /PRNewswire/ -- Infinicept today announced a new funding round led by Mastercard and MissionOG, which will help the company accelerate growth and adoption for its flexible payments infrastructure platform. Infinicept has more than 250 software, banking and fintech customers in 25 countries, and yearly payments volume has increased 800 percent as more companies embed payment services to grow their revenues and enhance customer experience.
The new funding will be used to expand Infinicept's product innovation, sales and marketing to meet growing demand for embedded payment services. Together with global industry partners like Mastercard, Infinicept will be able to bring its unique "more foresight, more freedom, more follow-through" approach to help more organizations get payments going their way.
Infinicept's global strategic partnership with Mastercard leverages the reach of Mastercard's network to power the Payment Facilitator Accelerator program, enabling software companies to become payment facilitators in weeks rather than months or years. Infinicept's co-innovation journey with Mastercard began with participation in the Start Path startup engagement program, where Mastercard provided access to their technology, network, and resources to help the company grow and scale. After identifying a strategic fit, the relationship evolved into an investment opportunity and eventually moved to the commercialization phase.
"Infinicept's technology now supports acquirers and payment facilitators with the critical tools to help businesses around the world manage payments," said Zahir Khoja, Executive Vice President of Merchant Solutions and Partnerships at Mastercard. "Mastercard's technology and scale, with partners such as Infinicept, is helping our larger acquirer ecosystem support businesses around the world to accelerate growth, modernize transactions and ensure businesses have the tools to succeed."
"Embedded payments are a major growth market, and Infinicept's unique approach and deep payments expertise are valuable differentiators to deliver on the need," said Andy Newcomb, Managing Partner at MissionOG. "Deana Rich and Todd Ablowitz are well-respected thought leaders in the industry, and they know that software companies want more control over the payment experience. There is no better team and platform to deliver on this opportunity than Infinicept."
"Today, more software companies than ever are bringing payments in-house," said Todd Ablowitz, co-founder and co-CEO of Infinicept. "Yet far too often they discover that traditional approaches to becoming a payment facilitator involve too many trade-offs – from the costs and risks of DIY to the restrictive, cookie-cutter approaches of other solutions. Infinicept turns all this around with our flexible approach to embedded payments. With Infinicept, software companies can deliver a tailored experience to customers while often generating as much revenue from payments as they do from their software."
Infinicept's approach has led to a fast-growing customer base including WorkWave, a field service software provider; Modernizing Medicine, an innovative healthcare management platform; and ParTech, a leading point-of-sale and customer experience solutions provider for the restaurant industry.
"The opportunity in front of us is enormous, and we're going to invest intelligently and aggressively to meet the needs of our customers," said Deana Rich, co-founder and co-CEO of Infinicept. "Our customers need the ability to get payments up and running on their own terms, without having to do all the work themselves. While others try to lock-in customers with templated solutions, Infinicept puts software companies in control of their payments experience – and their payments future."
About MissionOG MissionOG partners with high-growth businesses that have proven models in segments where we have had success as operators and investors, including financial services and payments, data platforms, and software. We apply our experience and capabilities to a group of highly skilled and passionate entrepreneurs whose businesses are on the cusp of exponential growth. The firm is managed by operators and investors who have effectively built early to growth stage businesses and guided them through successful acquisitions. MissionOG is headquartered in Philadelphia. For more information visit www.missionog.com.
About Infinicept Infinicept helps software companies get all the advantages of embedded payments—including more revenue and more control of the merchant experience—without the disadvantages of DIY approaches or off-the-shelf solutions. Infinicept tools and services simplify everything from underwriting and onboarding to risk monitoring and payouts. Customers can count on more foresight, more freedom, and more follow-through to get payments going their way. With more than 250 customers in over 25 countries, Infinicept's platform volume is growing at 800 percent per year, and the company was ranked #95 on the Inc. 5000 list. Learn more at https://www.infinicept.com.
Media Contact: Joshua Swarz, Big Valley Marketing for Infinicept, +1 (202) 304-2482, [email protected]