New York, NY - CardFlight (or the “Company”), a leading SaaS payment technology company, announced today that it has received a significant minority investment from WestView Capital Partners (“WestView”), a Boston-based growth equity firm focused on partnering with middle-market companies.
The investment will enable CardFlight to further develop its suite of payment solutions, enhance its software offerings, and continue to expand the number of small businesses and merchant partners it serves across the United States.
Founded in 2013, CardFlight specializes in simplifying the complex payment landscape for small business owners and the merchant acquiring channels that support them. Over the years, the Company has developed a robust and differentiated software platform that addresses the needs of a broad range of small businesses, making it easy for merchants to sign up and begin accepting payments. The straightforward onboarding process, rich feature set, and highly reliable platform make it easy for partners to sell to their merchant customers. CardFlight’s growth has been supported by a reseller network of over 100 partners, including many of the top merchant acquirers, distributing SwipeSimple, the Company’s flagship product, to thousands of new merchants each month.
Derek Webster, CardFlight Founder and CEO, said:
“The payment technology industry is going through a significant evolution. At CardFlight we are constantly evaluating the needs of small businesses and developing new opportunities to meet those needs. This focus positions us well for changes coming to our industry. The leadership team and I are excited to have WestView join us for the next stage of our growth. WestView’s extensive experience and strategic vision aligns perfectly with the values of our company, employees, and shareholders.”
SwipeSimple is used by more than 125,000 small business owners across the United States who use the product to process over $12 billion in annual payment volume. The breadth of payment acceptance methods and business management functionality within SwipeSimple empower small businesses to optimize operations, scale effectively, and better serve their local communities.
Kevin Twomey, Principal at WestView Capital Partners, said:
“We are in the middle of a paradigm shift in how merchants, particularly SMB merchants, think about payments. CardFlight’s software-led embedded payments solution solves the unique needs and preferences of today’s SMB merchants, enabling them to better understand and grow their business. Derek and his team have consistently been at the forefront of innovation in this space and are exactly the type of leaders we look to partner with and support.”
Twomey will join the CardFlight Board of Directors as part of the partnership.
WestView was represented by Latham & Watkins LLP. CardFlight was represented by William Blair and Goodwin Procter LLP. Financial terms of the transaction were not disclosed.
CardFlight is an innovative SaaS payment technology company that today serves more than 125,000 small businesses across the United States. Within the complex payment landscape, CardFlight products are renowned for their simplicity, practicality, and reliability. SwipeSimple, the company’s flagship product, is a software solution that enables small businesses to save time and money running their business, as well as accept payments seamlessly via phone, tablet, or computer. SwipeSimple is sold through several channels, including a partner network comprising financial institutions, merchant service providers, and independent sales organizations, as well as directly to merchants via SwipeSimple Connect.
WestView Capital Partners, a Boston-based growth equity firm, is focused on middle market growth companies and manages $2.7 billion in capital across five funds. WestView partners with existing management teams to sponsor minority and majority recapitalizations, growth capital, and consolidation transactions in several sectors including: business services, IT services, healthcare technology and outsourcing, software, and growth industrial. WestView targets investing $20 to $100 million in companies with revenue of at least $10 million and operating profits between $3 and $25 million. For more information, please visit https://www.wvcapital.com/.
