Mobile point-of-sale technology maker CardFlight has announced $4.2 million in new Series A funding.
The round was co-led by an investor group assembled by Dan Henry and MATH Venture Partners. Henry was CEO of NetSpend from 2008 to 2014 and is known as a serial entrepreneur.
“Derek is a brilliant, tenacious and resourceful entrepreneur,” Henry told PYMNTS on his decision to lead the round. “Derek” is Derek Webster, founder and CEO of CardFlight. “He and his team have built a superior mobile payments solution and combined it with a beautiful business model to service the ISO channel. Not to mention great STKs that leverage the team’s expertise.”
“In addition to me, our investment group includes five other very accomplished and experienced payment executives. We all clearly and quickly saw the value of the CardFlight offering and the potential of the business. Each of us are available to Derek and his team to provide advice, introductions, influence and references. Whatever we can do to help accelerate growth and make the business successful.”
The newly raised funding will go toward developing mobile solutions and bringing them to market. The firm was recently certified by First Data and the major payment card associations to accept EMV transactions.
“We’re excited to be adding investors with such deep experience growing and scaling startups in the payments industry,” said Webster. “This round of funding further validates CardFlight’s leadership in mobile payments and will enable us to roll out even more advanced solutions in the months and years ahead.”