TMCnet News
Payrix Payments Technology Lands Funding Round Led by Blue Star Innovation Partners and Providence Strategic GrowthPayrix Payments Technology (Payrix), a first-of-its-kind technology platform for flexible payment facilitation, announced today that it has received $22 million in new funding led by Blue Star Innovation Partners (Blue Star), a Dallas-based investment fund founded by Dallas Cowboys owner Jerry Jones, the Jones family and entrepreneur Rob Wechsler, and Providence Strategic Growth (PSG), the growth equity affiliate of global asset management firm Providence Equity Partners (News - Alert) (Providence). Boruch Greenberg, Co-founder and CEO of Payrix, said, "We're excited to have Blue Star and Providence as our first outside investors. Beyond the investment, there is tremendous value in gaining access to teams who have accomplished so much and built global brands in highly competitive markets. The timing couldn't be better. Our vision has always been to build the industry's most flexible solution to grow tomorrow's innovative platforms and ultimately change the conversation around payments, and we have already established the value of our solution with SaaS (News - Alert) providers, marketplaces, merchant acquirers, banks and merchant services providers. We believe this partnership with Blue Star and Providence is the next step toward achieving that vision." Co-founder and Chief Strategy Officer Benny Silberstein added, "Payrix has quickly become the go-to solution for technology platform payments. We are excited to exponentially extend our market reach in partnership with Blue Star and Providence." Blue Star has an impressive track record helping early and growth stage companies reach their full potential as global market leaders. Blue Star focuses on investments in creative entrepreneurs and operators who are disrupting large markets. In each case, Blue Star applies its unique formula of mentorship and guidance from the Jones family and top executives in areas including operations, branding and go-to-market strategies. As part of the funding, Blue Star's Rob Wechsler and PSG's Marco Ferrari will join the Payrix Board of Directors. Rob Wechsler has played a significant role in a series of highly successful payment ventures, including nine exits, and has partnered successfully in the past with the PSG team on multiple payments investments. "Our review of a number of payment platforms made it clear that Payrix's solution offered its customers an unparalleled opportunity by transforming payments from a cost center to a profit center in order to increase overal company value. The Payrix solution disrupts traditional payments systems, streamlining key processes while addressing critical risk and compliance issues. When combined with overall market excitement in the FinTech space, we are thrilled to be working with the Payrix team to accelerate its emergence as an industry leader," said Rob Wechsler. Over the past year, Payrix has enjoyed significant growth for its payment technology platform. This investment round will allow Payrix to continue to scale the company and invest in business development and marketing for continued growth. About Blue Star Innovation Partners Blue Star Innovation Partners (Blue Star) is a growth equity investment fund firm led by hand-selected serial entrepreneurs who co-manage and invest alongside the Jones Family. Founded in 2016, Blue Star invests in highly innovative lower-middle market businesses with $10 million to $50 million in annual revenue and the potential for global reach. By providing efficient, direct funding and a unique formula of mentorship, Blue Star helps steer highly creative entrepreneurs and operators towards success. Blue Star focuses on opportunities within the fields of sports, financial services, entertainment, and technology, and operates out of the Dallas Cowboys World Headquarters at The Star in Frisco, Texas. For more information, visit www.bluestarinnovationpartners.com. About Providence Strategic Growth Capital Partners Providence Strategic Growth (PSG) is an affiliate of Providence Equity Partners (Providence). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies, primarily in North America. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information on PSG, please visit https://www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com. About Payrix Payrix Payments Technology (Payrix) provides marketplaces, SaaS businesses and ISOs a flexible payments platform that enables them to unlock more revenue potential. By empowering other platforms to grow through payment facilitation, Payrix aims to lead the charge within the technology industry to reimagine the digital economy. As technology businesses continue to evolve, there's no one-size fits all approach to growth. With flexible options that encompass the payment technology needed to scale, Payrix offers the ability to seamlessly grow with the user's business. From those just getting started to those who are truly ready to become a payment facilitator, Payrix provides white-label solutions that afford the flexibility to customize precisely and strategically. It enables users to leverage solutions that maintain the brand integrity of their merchant customers. For more information about Payrix, visit www.payrix.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190423005819/en/ |
