B2B payments optimization company Boost Payment Solutions has closed on a $22 million Series C funding round.
The round, which was led by Invictus Growth Partners, will enable the company to speed up its growth across verticals such as healthcare, telecommunications, manufacturing, freight & logistics and real estate, according to a news release.
The funding round comes at a time when the company has experienced tremendous growth, having processed over $10 billion in card payments for more than 15,000 enterprises across five continents.
“Boost’s unique positioning in the industry and the vast addressable market in B2B payments has led to tremendous growth that we expect will accelerate over the next several years,” Dean M. Leavitt, Founder and CEO at Boost, said in a statement. “Invictus is the perfect partner for us, bringing not only capital, but also operational expertise, a broad network, and differentiated machine learning capabilities that will enhance our platforms and business. We are truly excited to have them as a partner.”
Boost works with institutional buyers, suppliers, commercial card issuers and card networks to help smooth over friction that’s associated with commercial card use. Boost’s technology aims to help commercial trading partners enable credit card transactions. It has a platform that automates the onboarding process, credit card transaction and reconciliation process.
“B2B card payments provide many benefits for enterprises and this is one of the most attractive and fastest growing segments within FinTech,” William Nettles, Co-Founder and Managing Partner at Invictus Growth Partners, said in a statement. “Dean and his leadership team have created a world class global organization that is built to scale and lead the space. We are honored to partner with Boost and look forward to working with them in a collective effort to achieve their mission.”
In other recent fundraising news, LoanSnap, which provides mortgage loans using AI to analyze a person’s finances, has received a $30 million capital injection with its Series B financing round led by True Ventures.