Private equity firm Goldfinch Partners has acquired Vesta, a fintech firm that offers payments and fraud detection technologies.
As agreed, Goldfinch Partners has invested $125m in the acquired company. Vesta plans to utilise the proceeds to further its growth and support the deployment of its fraud protection and e-commerce payment solutions.
Vesta CEO Ron Hynes said: “Since taking over as CEO in July of last year, I have refocused the company on product development, market expansion and technology enhancements.
“This capital infusion from Goldfinch Partners provides us the fuel to accelerate our efforts. The fact that we were able to complete this funding in the current environment is confirmation of the market need for our solution and a tremendous nod to our talented team.”
Vesta was founded in 1995 to process card-not-present (CNP) payment transactions for the telecommunications industry.
Gradually, the company expanded to bolster its position in digital payments sector.
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Vesta offerings include real-time decisioning platform that assesses customers’ online payment transactions to determine the risk of fraud.
Goldfinch Partners managing partner and co-founder Sean Collins said: “Vesta’s CEO Ron Hynes and his team have broadened the firm’s product range and entered new markets, giving new life to a pioneer and longtime leader in the card-not-present payments space.
“We’re pleased to back the team and the company as they continue to grow and serve organisations across the e-commerce and fintech space.”