Clearent, which processes $8 billion in transactions across 23,000 businesses across the U.S., announced Friday (May 1) it had received $25 million in funding from FTV Capital.
In tandem with the funding, Chris Winship, a partner at FTV Capital, will join Clearent’s board. Since inception in the late 1990s, FTV has raised more than $1.8 billion, focusing on equity investments in payments and transaction processing, enterprise solutions and financial services. Past investments include Verus, Card Connect and Credorax.
“The pace of innovation in the payments market is a leading indicator of how our economy continues to be transformed by new technologies,” said FTV’s Winship. “Over the past 10 years, Clearent has continually innovated to grow their business organically and posted solid, triple-digit growth.”
Clearent, which last year debuted its payment gateway and development center to help software developers integrate payments into their applications, also offers next day funding, pricing options and online reporting. The company is among the fastest growing payment processors and targets ISOs and ISVs.
“We welcome the years of financial technology and payments expertise that Chris Winship and the FTV Capital team bring,” Dan Geraty, CEO of Clearent, said in a company news release. “With the support of FTV, I’m even more confident Clearent will continue its track record of significant growth through increased service features, expanded technology enhancements, and industry-leading support for our customers.”