DENVER, May 11, 2022 (GLOBE NEWSWIRE) -- Infinicept, a leading provider of embedded payments, today announced a $23M growth equity round led by SVB Financial Group (SVB), the financial partner of the innovation economy and parent of Silicon Valley Bank, and Piper Sandler Merchant Banking, with participation from existing investors, including MissionOG. The new capital will help the company to further innovate, grow and meet rising demand for its embedded payment operations (PayOps™) platform.
“The future of embedded payments includes beautiful PayOps software replacing the antiquated operations infrastructure in place today,” said Todd Ablowitz, Co-Founder and Co-CEO of Infinicept. “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.”
Since its previous round of funding in 2020, Infinicept has experienced rapid growth with more than a 1,400% increase in annual payments volume. The company’s expanding customer base includes a wide range of innovative organizations such as Fullsteam, a rapidly expanding SaaS platform acquirer and payments company; Payroc, a high-growth, merchant acquirer, processor, and payment facilitation company; and Squire, a booking and payment platform that connects people with barbershops.
The new funding will be used to amplify Infinicept’s product innovation, fuel customer success and drive market expansion. Infinicept also plans to invest in capabilities to support embedded finance, enabling its customers to deliver more value and increase financial inclusion to small and medium-sized merchants.
“Our robust platform and growing network of partners allows our customers to offer an exceptional experience tailored to their needs and future expectations,” said Deana Rich, Co-Founder and Co-CEO of Infinicept. “The new funding allows us to empower more organizations 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.”
Pursuing Infinicept’s mission to enable the transformation to software-led payments requires an open platform with maximum choice and flexibility of payment providers. To that end, Infinicept has established partnerships and/or integrations with industry leaders including Adyen, Discover, Dwolla, Fiserv, Handpoint Technologies, LexisNexis, Mastercard, Payroc, Silicon Valley Bank and other leading global processor platforms.
“Embedded payments and embedded finance represent an enormous market opportunity for our fast-growing clients, from vertical software-as-a-service companies to B2B payments and fintech companies. Silicon Valley Bank works with a variety of technology partners to bring cutting-edge solutions to our clients to help them build and offer their own payments services leveraging our payments infrastructure,” said Kathleen Pierce-Gilmore, Head of Global Payments at Silicon Valley Bank. “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.”
Infinicept helps its customers transform to the new era of software-led payments. The PayOps software-as-a-service (SaaS) platform allows payments companies, software providers and financial institutions to scale their payments operations and have total ownership of their payments strategy. Infinicept has been a globally recognized pioneer in providing tools and services to support embedded payments for companies throughout the payments system, including payment facilitators.
“Infinicept’s SaaS platform creates a natural point of leverage for vertical software providers and payments companies, enabling them to better serve their customers, build valuable revenue streams and control their payments strategy. These capabilities create a meaningful competitive advantage in today’s dynamic market,” said Bob Rinek, Managing Director, Piper Sandler Merchant Banking. “We look forward to supporting the Infinicept team as it builds momentum and demand for its embedded payments platform in the marketplace.”
Infinicept serves over 300 software companies either directly or through our banking and payments customers and plays a crucial role in the embedded finance market, which is projected to reach $585 billion by 2030.
About Infinicept
Infinicept is a provider of embedded payment solutions. Its payment operations platform (PayOps) helps software companies gain the advantages of embedded payments, including increased revenue and more control of the merchant experience. By embedding payments into software companies’ products, Infinicept is enabling customers to exponentially amplify growth by tapping into the $585 billion embedded finance marketplace. More than 300 leading software companies, payment processors, sponsor banks and others rely on Infinicept, the winner of the Electronic Transaction Association Fintech Innovation in Payments Award, to help them transform to the new era of software-led payments.
About SVB
SVB is the financial partner of the innovation economy, helping individuals, investors and the world’s most innovative companies achieve their ambitious goals. SVB’s businesses—Silicon Valley Bank, SVB Capital, SVB Private and SVB Securities—together offer the services that dynamic and fast-growing clients require as they grow, including commercial banking, venture investing, wealth planning and investment banking. Headquartered in Santa Clara, California, SVB operates in centers of innovation around the world. Learn more at svb.com/global.
SVB Financial Group (SVB) (Nasdaq: SIVB) is the holding company for all business units and groups. © 2022 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, SVB SECURITIES, SVB PRIVATE, SVB CAPITAL and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group.
About Piper Sandler Merchant Banking
Piper Sandler Merchant Banking (PSMB) is the growth equity investment arm of Piper Sandler Companies (NYSE: PIPR). Our team strives to partner with founders and CEOs of growing, commercial stage businesses that can benefit by leveraging Piper Sandler’s knowledge, experience, capital and relationships to build market leading enterprises. PSMB provides investment advisory services through the affiliated registered investment adviser, PSC Capital Partners LLC. Learn more about Piper Sandler Merchant Banking.
