Central Florida’s fastest growing payment technology company completes oversubscribed Series A-1 round in under four weeks
ORLANDO, Fla. – May 12, 2016 – Fattmerchant, a subscription-based merchant services provider that provides unlimited credit card processing at direct cost, today announces it has closed its $1.4 million funding round in less than four weeks led by the same investors that headed Fattmerchant’s original seed round in 2015 for $850k. Wet Paint Capital, Florida Angel Nexus, venVelo and other accredited investors from Central Florida contributed to the round, as well including their newest strategic investor Phil Rawlins, Founder and President of Orlando City Soccer Club.
“Fattmerchant has built solid relationships with its customers and brought game-changing technology to merchant processing, making it an easy decision to increase our investment in the company,” said Richard Licursi of venVelo. “We believe the team will continue to revolutionize and pave the way for the future of the payments industry.”
The company will use the funding for continued product and technological developments, as well as marketing and customer acquisition. Included in the plans for product development is a new suite of technology tools for customers, featuring an advanced mobile platform. These new developments allow Fattmerchant to expand their reach and continue to help small and medium-sized businesses across the nation improve their efficiency and save thousands on credit card processing costs.
“After watching the growth of Fattmerchant skyrocket throughout this the past year, I could not pass up the opportunity to invest in such a forward-thinking company,” said Phil Rawlins, Founder and President of the Orlando City Soccer Club. “I am thrilled to support Fattmerchant’s future and am excited to help them now paint the city Orange.”
Fattmerchant has seen substantial growth within the past year and is on track to hit $750 million in transactional volume for their customers in 2016. Fattmerchant has now raised $2.25 million in total funding and its employee count has grown from four to 25 employees in less than 18 months. “Our most recent round of funding is extremely humbling and how quickly we were able to complete the round is a testament to the high level of success Fattmerchant has achieved throughout this past year,” said Suneera Madhani, Founder and CEO of Fattmerchant. “With this new round of capital, we will continue to grow our product portfolio and customer base and put significant savings back to every business owner across the nation.”
Fattmerchant is a subscription-based merchant service provider offering unlimited payment processing at direct cost for a flat monthly membership and no contract. Suneera Madhani, CEO of Fattmerchant, founded the company in 2014 after working in the credit card processing industry for four years, wanting to create and sell a product that was transparent and provided value to the everyday business owner. Fattmerchant offers credit card processing for every business type, without adding mark-ups or other fees, and providing free equipment, no contract and no ancillary fees. For more information about Fattmerchant, click here.