Fullsteam, a provider of integrated business management software and payments has announced significant new investment. Specifically, backing from founding sponsor Aquiline Capital Partners, a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”), along with a consortium of other investors. Aquiline will remain as the lead investor in the company. ADIA will become a significant minority investor. This capital enables Fullsteam to enter its next phase of expansion. This builds upon rapid organic growth and a portfolio of seventy acquisitions to date.

Fullsteam: the integration of merchant payment processing and core vertical software

Fullsteam was established in 2018 by CEO Michael Lawler and Aquiline. It has been purpose-built and scaled to meaningfully transform the small to mid-sized merchant experience across multiple sectors. This includes specialty retail, field services, automotive, leisure, property management, association management, and other specialised markets.

At the heart of its business model lies the integration of merchant payment processing and core vertical software. According to the firm, it seamlessly integrates payment processing products with comprehensive resources to accelerate software growth in each of its vertical solutions. Fullsteam enables its resident software entrepreneurs to continuously enhance the experience for its current base of approximately 50,000 customers.

Strong growth trajectory

Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA, said: “Fullsteam is well positioned to continue its strong growth trajectory by meeting the digitalised payments and software needs of its customers and pursuing further acquisition opportunities. We are delighted to partner with Aquiline to support the business as it embarks on its next phase of growth.”

Joe Pappalardo, Partner at Aquiline, added: ” Our goal was to address and accelerate two significant trends in vertical software. The adoption of business management across the small business economy and convergence of this core software with merchant payment processing.

“Today, Fullsteam is emerging as a leading buyer and supporter of vertical software companies driving these two trends in North America. We are delighted to expand our existing relationship with ADIA through this transaction. We look forward to continuing our collaboration with Fullsteam to enhance the day-to-day experiences of its growing customer base.”

Michael Lawler, CEO of Fullsteam, said: “This is an incredibly exciting day for Fullsteam. Fullsteam has a proven track record of helping business founders accelerate their companies’ growth while providing exceptional customer service. We eagerly anticipate expanding our family of vertical payments and software providers, serving small and mid-sized businesses.