The company will use its latest funding to expand its product, sales and marketing efforts, it said in a press release.
Infinicept, which provides software companies with tools and services for embedding payments into their offerings, said that its payments volume is growing at 800% per year as more of these companies choose to become payment facilitators.
“Today, more software companies than ever are bringing payments in-house,” said Todd Ablowitz, co-founder and co-CEO of Infinicept. “Yet far too often they discover that traditional approaches to becoming a payment facilitator involve too many trade-offs – from the costs and risks of DIY to the restrictive, cookie-cutter approaches of other solutions.”
“Infinicept turns all this around with our flexible approach to embedded payments. With Infinicept, software companies can deliver a tailored experience to customers while often generating as much revenue from payments as they do from their software.”
Infinicept said it currently has more than 250 software, banking and fintech customers in 25 countries, including WorkWave in field services, Modernizing Medicine in healthcare, and ParTech in the restaurant industry.
“The opportunity in front of us is enormous, and we’re going to invest intelligently and aggressively to meet the needs of our customers,” said Deana Rich, co-founder and co-CEO of Infinicept.
“Our customers need the ability to get payments up and running on their own terms, without having to do all the work themselves. While others try to lock-in customers with templated solutions, Infinicept puts software companies in control of their payments experience – and their payments future.”
The funding round is the latest element of Infinicept’s ongoing partnership with Mastercard that includes participation in the card network’s Start Path program, which provides support to startup companies.
“Infinicept’s technology now supports acquirers and payment facilitators with the critical tools to help businesses around the world manage payments,” said Zahir Khoja, executive vice president of Merchant Solutions and Partnerships at Mastercard. “Mastercard’s technology and scale, with partners such as Infinicept, is helping our larger acquirer ecosystem support businesses around the world to accelerate growth, modernize transactions and ensure businesses have the tools to succeed.”
Infinicept did not disclose the amount of the funding.