Embedded payments provider Infinicept has raised $23m through a growth equity round to further develop its embedded payment operations (PayOps) platform.
The financing round was led by SVB Financial Group, and Piper Sandler Merchant Banking with participation from existing investors, including MissionOG.
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Infinicept co-founder and co-CEO Todd Ablowitz said: “We see an open, inclusive landscape free from stifling vendor lock-in where we can foster a new era of payments innovation. This investment allows Infinicept to build on our proven track record, extending our lead so we can help our customers accelerate their embedded payments journey.”
Infinicept’s PayOps platform enables payments firms, software providers and financial institutions to expand their payments operations and take full ownership of their payments strategy.
The firm claims that its annual payments volume rose over 1,400% since its last financing round in 2020.
It is said to cater to over 300 software companies either directly or through our banking and payments customers. These include Fullsteam, Payroc, and Squire.
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By GlobalDataThe fresh capital will support Infinicept’s efforts for product development, customer success and market expansion.
The firm also intends to invest in capabilities that will enhance embedded finance and allow its customers to deliver more value and boost financial inclusion for small and medium-sized merchants.
Infinicept co-founder and co-CEO Deana Rich said: “The new funding allows us to empower more organisations to benefit from our superior industry thought leadership and robust PayOps solutions. The Infinicept expansion enables our partners to innovate and scale on their terms, for their customers.”
Commenting on the funding round, Silicon Valley Bank head of Global Payments Kathleen Pierce-Gilmore said: “We are impressed with Infinicept’s growth, industry expertise and technology platform. We look forward to being a part of Infinicept’s next phase of growth and are excited to add them to the growing list of partners we work with to serve our clients’ embedded payments needs.”
