Boost Payment Solutions (“Boost”), the leader in B2B payments optimization, which has processed over $10 billion in card payments for over 15,000 enterprises across five continents, today announced the closing of a $22 million Series C funding round led by Invictus Growth Partners (“Invictus”). The proceeds will be used to accelerate the company’s global growth across multiple verticals, including healthcare, telecommunications, manufacturing, freight & logistics and real estate. William Nettles, Co-Founder and Managing Partner at Invictus, will join the Boost board of directors.
As the only FinTech acquirer focused exclusively on the B2B market, Boost works closely with institutional and corporate buyers, suppliers, commercial card issuers, and card networks to cure the pain points commonly associated with commercial card use and acceptance.
“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,” said Dean M. Leavitt, Founder and CEO at Boost. “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.”
The global B2B payments marketplace is estimated at more than $120 trillion, yet it is still dominated by antiquated payment methods that are time consuming, HR-Intensive and produce inadequate reporting data for the trading parties. This large market opportunity and lack of B2B payments digitization has created significant growth opportunities for Boost as virtual card products continue to gain traction with parties looking to capture both working capital and operational efficiencies.
Boost’s technology provides a seamless, secure and cost-effective way for commercial trading partners to enable credit card transactions. The Boost Intercept STP (“Straight Through Processing”) platform automates the entire onboarding, credit card transaction and reconciliation process for buyers and suppliers, thereby eliminating what is typically a cumbersome and manual process.
Boost also offers its customers its Dynamic Boost platform, which provides flexible pricing constructs via proprietary interchange rates, while also enforcing any acceptance rules established among the trading partners. Boost’s groundbreaking “Acceptance on Your Terms” approach to the enablement process has changed the entire conversation with suppliers by empowering them for the first time to be part of the solution.
“B2B card payments provide many benefits for enterprises and this is one of the most attractive and fastest growing segments within FinTech,” said William Nettles, Co-Founder and Managing Partner at Invictus Growth Partners. “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.”
Boost’s existing Investors, including Mosaik Partners, INGWE Capital and North Atlantic Capital, also participated in this financing round.
As the leader in B2B electronic payments, Boost optimizes how commercial card payments are initiated, processed, received and reported. Boost’s technical innovations have transformed commercial cards into a cost effective, scalable and secure alternative to traditional checks, wires and ACH. Boost features a global footprint that serves a broad spectrum of industries across 37 countries in North America, South America, Europe, Asia and Australia. Boost was founded in 2009, and is headquartered in New York, NY. Please visit us at www.boostb2b.com.
About Invictus Growth Partners
Invictus Growth Partners is a growth equity and buyout firm which invests in bootstrapped and capital efficient, automation-enabled cloud software, cybersecurity and fintech companies which seek capital and strategic resources to accelerate their growth. The firm and all of their professionals are based in San Francisco, CA. Please visit us at www.invictusgrowth.com.