US-based payment technology company CardX has raised an additional $2m in growth financing to support its expansion.

The company received the latest investment from Pace Financial Group, increasing the total amount raised till date to $8.62m.

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CardX plans to utilise the new investment to support the development of new digital products. Additionally, the funding will be used to increase its staff-strength at its recently-expanded Chicago headquarters.

CardX COO Michael Tomko said: “This funding will allow us to continue the remarkable success CardX has seen in 2019 and deliver on our exciting pipeline for new product and marketing.

“We have the perfect capital partner in Pace and look forward to working with them for years to come.”

Established in 2013, CardX focuses on the development of technology solutions for credit card surcharging. The technology passes on the credit card fee and allows the customers to select a lower-cost payment option.

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Pace Financial Group managing director John Carr said: “The CardX team has built a great company with incredible potential for continued growth. They have an excellent track record and we are very pleased to participate in funding their next stage of expansion.”

Pace Financial Group vice-president Mike Wagner said: “Our prior relationship and comfort with Michael Tomko and the CardX leadership team helped facilitate the transaction.”