JetPay receives $40m investment from Flexpoint Ford

JetPay Corporation, the US card and payments processor, is to receive a $40m investment from private equity firm Flexpoint Ford.

JetPay Corporation, the US card and payments processor, is to receive a $40m investment from private equity firm Flexpoint Ford.

The investment will be used to retire up to $16m of outstanding debt, with the remaining $24m being invested in JetPay’s growth.

Bipin Shah, chairman and CEO of JetPay, said: "It is our plan to become the vendor of choice for businesses in need of the most advanced technologies in payment, processing, payroll, and card services.

"The proposed investment by Flexpoint, a successful and highly-regarded investment firm, provides us with the ability to quickly carry out our plan while providing fast, secure, and safe payments solutions for businesses of all sizes. Flexpoint’s confidence in us validates what we have already created and gives us an opportunity to accelerate our growth."

The transaction is expected to be completed by mid-October.

Don Edwards, managing principal of Flexpoint Ford, said: "We are excited to partner with Bipin Shah. We have a longstanding relationship with Bipin and his team and have had success together in the past.

"We expect that JetPay’s existing core business coupled with management’s strong capabilities will deliver results for our investors."

 

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