Less than a year after their expansion into Atlanta, payment technology provider Fattmerchant has closed a $10.5 million Series C round, led again by existing investor, Atlanta-based Fulcrum Equity Partners. The new funding will help the fintech startup double its workforce in the next 18 months, with 20 jobs added to the Atlanta office, and launch their new payment solution later this year.
“Our goal with this round of funding is to continue to deliver on our promise to the SMB market with a more unified payment experience, a streamlined application, and actionable insights that arm business owners with the data they need to grow,” Sal Rehmetullah, Fattmerchant’s President and co-founder, told Hypepotamus.
“Business owners have become accustomed to having to use single, disjointed solutions for each of the ways they accept payments.”
Fattmerchant, which was founded in Orlando, FL, opened their office in Atlanta’s transaction alley last October, closing a $5.5 million funding round to kickstart the expansion and scale product development. The company has doubled its revenue year over year since its inception in 2014 and will process more than $2 billion in payments in 2018.
“Our goal is always to find the very best talent — whether that be in Atlanta, Orlando, Chicago, or Dallas. However, due to the vast presence of the payment industry in Atlanta, our focus will be to expand our payment operations division there,” says Rehmetullah. “We look forward to adding the very best talent in payments to our already impressive roster.”
Fattmerchant offers a subscription-based model that gives businesses access to unlimited payment processing at direct cost for a transparent, flat monthly subscription, without any markups or high fees. Their new omni-channel platform, to be released at the end of the year, will help merchants use a unified payment experience, regardless of the type of transaction, versus the current need to have a different processor for different kinds of transaction.
“With Fattmerchant’s upcoming payment platform, the power of integrated payments has finally arrived. From smart terminals, robust analytics, e-commerce solutions, mobile and open APIs that speak to one another, bi-directionally — we now have the leading platform,” Suneera Madhani, CEO and founder, said in a statement.
The company shares that this is “the first and only card-present and card-not-present solution that is housed under a single API.” Under one unified payment umbrella, merchants will now be able to see the status of their business on one dashboard, under one merchant account, and natively integrate it into QuickBooks.
“We are excited to continue investing in the rapid growth and technology development of Fattmerchant,” said Philip Lewis, principal of Fulcrum Equity Partners, in a statement. “Its integrated payment platform is uniquely positioned to not only meet but far exceed the increasing demands of the market.”
“This is our second funding round led by Fulcrum Equity Partners, Venvelo and Fan Fund within the last nine months, which speaks volumes to the rapid and sustainable success we’ve fostered together,” says Rehmetullah. “More than 70 percent of all payment transactions funnel through Atlanta, and being a big part of that ecosystem is important to us. As we continue to grow, expanding our partnerships in the Southeast and beyond is a major focal point of our growth strategy.”