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Payment card compliance tech firm Sysnet rakes in funding

Sysnet Global Solutions, which offers cyber security and compliance tools to the payment card sector, has raised growth equity funding led by FTV Capital.

Financial terms of the transaction were not disclosed, other than the fact that the amount was “significant”.

A technology-driven private equity firm True Wind Capital also participated in the fundraising.

FTV founding partner Richard Garman, partner Kyle Griswold and principal Richard Liu secured seats on the Sysnet board as part of the deal. So did True Wind founding partner Jamie Greene and partner Sean Giese.

Garman stated: “Sysnet is revolutionising the way merchants meet payments standards across the globe.

“With this investment, FTV Capital will use its security market experience and network to accelerate Sysnet’s innovations for the global transaction service industry.”

Using the infusion, Sysnet intends to continue its growth trajectory in North America and Europe as well as enter Latin America and Asia, among others.

The firm also plans to use the fresh capital to strengthen its security product suite targeted at SMBs.

Sysnet CEO Gabe Moynagh said: “FTV is a perfect fit for Sysnet given its knowledge of security and payments, Global Partner Network® and proven ability to scale high-growth companies. Further, True Wind is a seasoned technology, software and security investor, providing decades of operational, growth and scaling expertise to technology companies.

“Their combined investment will enable us to deepen our strategic relationship with our clients and their customers through the enhancement of our security product offering and customer support globally.”

Sysnet, based in Dublin, is said to have clients in over 60 countries.

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