CardFlight, a leading provider of tools and technology to help merchants accept in-person credit card payments on iOS and Android devices, announced today that it has raised $4.2 million in Series A funding. Two investors led the round – Dan Henry and MATH Venture Partners. The new funds will enable CardFlight to continue to grow the engineering team and accelerate the deployment of EMV-enabled payment acceptance solutions in the U.S.
CardFlight is the first and only mobile solution provider to process EMV-enabled card payments in the United States. First Data and major payment card associations recently certified the company to process EMV transactions.
"We're excited to be adding investors with such deep experience growing and scaling startups in the payments industry," said Derek Webster, Founder and CEO of CardFlight in the official press release "This round of funding further validates CardFlight's leadership in mobile payments and will enable us to roll out even more advanced solutions in the months and years ahead."
Details on the list of investors are provided on the CardFlight official website.
Dan Henry is a former CEO of NetSpend, a leading provider of reloadable prepaid cards and related financial services acquired by TSYS for $1.4 billion. “The team at CardFlight has a deep understanding of the opportunities and challenges in deploying payment solutions on mobile devices, I’m excited to help them continue to expand their business.” said Henry.
MATH Venture Partners is a Chicago-based seed-stage fund managed by a seasoned team of hands-on investors and operators. “Mobile point of sale is one of the fastest growing segments of the payments industry,” said Troy Henikoff, Managing Director at MATH. “CardFlight has already built an impressive customer base and we’re excited to help their team grow from here.”
Among the investors was Stuart Harvey, a Managing Director in the Merchant Banking group at Piper Jaffray. He was formerly, CEO of Elavon Global Acquiring Solutions, Inc., a subsidiary of U.S. Bancorp, where he grew revenues to more than $1.5 billion. Stuart also led the sale of Comdata, Inc., a Ceridian subsidiary, to FleetCor Technologies, Inc. for $3.45 billion.
Mark O'Connell is the Chairman of Multi Service. Mark helped build the largest B2B business aviation card processing network worldwide, which was sold to US Bank in 2005 for $100 million. Subsequently, they built a number of payment networks, including the largest B2B aftermarket parts system. Multi Service was acquired by World Fuel Services in 2012 for $130 million.
Among the round participants were also current investors ff Venture Capital, Great Oaks Venture Capital, Entrepreneurs Roundtable Accelerator, Plug & Play Ventures, and Apostolos Apostolakis. Silicon Valley Bank also participated in the round.
CardFlight is a leader in mPOS technology. The company offers software developer kits that allow retailers and vertical solution providers to build their own custom POS software. CardFlight also offers SwipeSimple, a turnkey mobile application to help merchant service providers, banks, and other financial institutions offer mPOS solution to customers. In 2014, CardFlight was awarded the Technology Innovation Award by the Electronic Transactions Association (ETA), the global trade association representing companies than offer electronic transaction processing products and services. For more information, click here.