Fintech: Southeast News

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Posted November 04, 2021

 

Edison Partners, the growth equity firm, led the transaction, and StepStone Group (which recently acquired venture capital platform Greenspring Associates) co-led. Stifel Venture Bank, a Division of Stifel Bank, and Top Tier Capital Partners also participated. The company will use the proceeds to accelerate its market expansion and continue to advance its category-leading technology payments platform and customer-focused prepaid solutions.

Analysts estimate $120 trillion in business payments are still check-based, and service providers are fragmented across multiple vendors for verticals such as payroll, rewards, purchasing and disbursement. These four opportunities alone represent $80 billion addressable markets, growing at more than 10% annually and accelerating with the proliferation of smartphones, e-commerce, and digitized payments since the pandemic’s onset. Prepaid Technologies enables its customers to access and customize B2B and B2C payments across these segments with a unified innovative fintech partner with a focus on the consumer and end user experience.

“Prepaid Technologies is making it easy for businesses to transform their outdated disbursement, payroll, and purchasing processes with real-time digital payments across niche categories where competitors don’t have the same level of depth or expertise,” said Jennifer Lee, Partner, Edison Partners, who co-led the investment.

“This is a unique product offering, where a company can access and customize different payment solutions in a one-stop shop. We’re impressed with Stephen Faust and the management team’s ability to remain capital-efficient while growing organically and profitably. We look forward to working with them as they execute on their vision,” added Lee. “Modern payroll and expense management for remote workforces continues to see strong traction through the last 18 months. B2B payments are also trending higher as companies opt for disbursement solutions that make it easier and safer to deliver corporate funds. These tailwinds bode particularly well for the company’s growth and provide a moat for adjunct product opportunities.”

 

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