Boost Payment Solutions, a company that targets friction in the commercial card market to increase acceptance of cards in B2B transactions, has announced $12 million in new funding.
The company said in a press release Wednesday (April 3) that Mosaik Partners and North Atlantic Capital led the Series B funding round, comprised of venture capital and equity debt funding. Boost said it plans to deploy the cash to focus on heightening its profile both at home in the U.S. and overseas, with a particular focus on adoption of its solutions within the healthcare, freight, logistics, transportation, real estate, media, telecom industries, among others.
With operations in the U.S., Canada, Europe, United Arab Emirates, Brazil, Australia, Latin America and the Caribbean, Boost has focused on recent expansion via a collaboration with Mastercard. Moving forward, the firm plans to grow its teams in the marketing, product, support and business development areas across these markets.
"As the only FinTech acquirer exclusively focused on B2B payments, Boost is uniquely positioned to transform how businesses pay each other around the globe," said Boost Founder and CEO Dean M. Leavitt in a statement. "We are honored by Mosaik's continued confidence in our mission and we are excited about our new partnership with NAC."
In another statement, Mosaik Partners Managing Partner Howard Mergelkamp said Boost has shown "explosive growth" that "has been remarkable" since Mosaik's first investment in the firm in 2017.
"The senior management team's vision for commercial payments, coupled with its proprietary technology and positioning in the domestic and international B2b markets, will continue to pay dividends," he added.
Separately, North Atlantic Capital Founder and Managing Director David Coit said NAC has a "long and successful history of investing in B2B payments companies," with Boost's track record in the B2B payment space an appropriate fit for the firm.