Helcim Raises $16M in Series A to Expand Payments for Small Businesses

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Helcim, a Canadian payments company for small- to medium-sized businesses (SMBs), has closed on a $16 million Series A funding round, the Calgary company announced Monday (March 21).

The latest funding will be used to launch new products designed to make it easier for businesses to get paid and adopt the latest payment technologies, Helcim said. In addition, the firm plans to hire more than 150 employees over the next two years, including customer service representatives, developers and sales staff.

“We built Helcim to provide the payment tools that allow small businesses to thrive by combining our payments-first approach, accessible and easy-to-use software, alongside our knowledgeable and helpful customer service,” said Helcim CEO and Founder Nic Beique in the announcement.

The funding round was led by Information Venture Partners, a Toronto-based venture capital firm, and Aquiline Technology Growth (ATG), a private investment firm based in New York and London. The round also included Generational Platform Partners, Alberta-based Accelerate Fund III, and Canadian tech entrepreneurs Boris Wertz, Klue’s Jason Smith, Symend’s Hanif Joshaghani and Kevin Sandhu from ControlHQ.

In addition to the funding, Information Venture Partners Principal Jane Podbelskaya and ATG’s Danté La Ruffa will join Helcim’s board of directors, according to the announcement.

Helcim said it has seen a 400% increase in customers as companies seek exceptional customer service, low rates and digital-first experience.

Last summer, Helcim Chief Operating Officer Rob Park told PYMNTS that the use of payment services providers (PSPs) is an example of how PSPs view the proliferation of open banking in the U.S. and the challenges they face to implement it.

Read more: PSPs Unlock Payments Experience With Open Architectures

“Payment providers like Helcim that are comfortable with the idea of disrupting the market are primed to embrace open banking,” he said. “The adoption of an open banking system would make it easier for payment companies to evaluate risk, identify fraud and improve their customer experience.”