ST. LOUIS, July 8, 2020 /PRNewswire/ -- SwipeSum, a software-enabled service that finds any business the best payments solution at the best rate - at no cost to them - announces today a $1.1M funding round lead by Jerry Kent at Cequel III, with angel investors Larry Schiffer and Andy Love, and Greenway Family Office – all St. Louis based, where SwipeSum is headquartered. SwipeSum has raised $2.1M to date, and will use the funds for software development of their ai-powered credit card processing statement analysis tool Staitment. The funding will also expand its sales and marketing efforts nationally.
In 2016 SwipeSum CEO and Founder Michael Seaman saw a broken system and an opportunity. The payments space, with its legacy merchant acquisition strategies, convoluted contracts, and complex patchwork of providers, left merchants frustrated. This $900B industry was ripe for innovation, so Seaman put together a team of experts and set out to build a technology solution capable of filling the Chief Payments Officer position at any company, at zero cost to them.
We focused on building a frictionless, state-of-the-art platform that connects businesses with a network of providers, enabling the business to curate their unique ideal partners and have the upper hand in negotiations." Says Seaman. "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 $6B in credit card processing revenue, focusing on integrated software vendors, enterprise, e-commerce, multi-locations retailers and nonprofits, and we continue to grow."
Says Matthew Kent, VP at Cequel III, "Michael is an enthusiastic and dedicated entrepreneur. He's developed a unique and game-changing platform in the credit card processing space that is proven to unlock significant value for its clients. We're excited to leverage our experience growing businesses through our partnership with SwipeSum."
About SwipeSum: Founded in 2016 and based in St. Louis, MO, SwipeSum is a software-enabled service that finds any business the best payments solution at the best rate, at no cost to them. By eliminating most fees associated with accepting payments or turning them into a lucrative revenue stream, SwipeSum is any business' "fractional Chief Payments Officer." Clients include Fair.com, Zenreach, Chuck E. Cheese, Crossfit, and hundreds more.
About Michael Seaman, Founder and CEO: After retiring from professional pole vaulting at the Olympic Training Center in Chula Vista, CA., Michael handled business development for payments giant Worldpay through their 2015 IPO. Shortly after leaving, Michael developed SwipeSum and incorporated later that year. Before fully committing to SwipeSum in 2018, Michael generated millions in AdTech and branding revenue for SteelHouse and managed West Coast sales for Monotype.
About Matthew Kent, VP, Cequel III: Matthew Kent and his team are responsible for financial planning and analysis, internal and external reporting, business intelligence, and executive project management for Cequel III and TierPoint. Matthew is also a key member of the Cequel III family office investment committee, responsible for evaluating and completing investment opportunities.