Boost Payment Solutions announced this week that it has closed its Series C funding round, raising $22 million. The round was led by Invictus Growth Partners.
The company will use the fresh funds to help accelerate growth across verticals including healthcare, telecommunications, manufacturing, freight and logistics and real estate, it said in the announcement.
PF Boost is focused on commercial cards and business-to-business payments, which are still dominated by time-consuming and resource-intensive legacy payment methods. The B2B market is estimated to be worth more than $120 trillion globally, the company said.
“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,” Dean M. Leavitt, founder and CEO at Boost, said in the announcement.
“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.”
Boost’s platform replaces manual processes with automated onboarding, card processing and reconciliation for buyers and suppliers.
“B2B card payments provide many benefits for enterprises and this is one of the most attractive and fastest growing segments within FinTech,” William Nettles, co-founder and managing partner at Invictus said.
“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.”
The round also included existing investors Mosaik Partners, INGWE Capital and North Atlantic Capital.