US-based digital payment technology provider YapStone completed a $71m series C round yesterday that included payment services firm Mastercard.
The round was led by investment firm Premji Invest and included venture capital firms Accel and Meritech Capital Partners. The funding was raised in December 2017, according to a securities filing that indicates the intended size of the round was $100m.
YapStone produces configurable software that powers the payment process for online and mobile marketplaces, as well as sharing economy offerings such as accommodation rental platforms, and other operators such as property managers, faith-based organisations and self-storage facilities.
The company, which processes some $18bn of payments a year, will put the series C proceeds toward introducing new products and exploring mergers and acquisitions as it looks to expand geographically.
Tom Villante, YapStone’s co-founder and chief executive, said: “This funding will help us grow our leadership position in serving global marketplaces and software companies, utilising new technologies in expanded geographies.”
The round boosted YapStone’s total financing to more than $180m, the company said. It secured $60m in debt financing from Comerica Bank and Bregal Sagemount in 2015, having raised $50m in a 2011 equity round led by Accel and backed by Meritech.
Financial Technology Partners and FTP Securities advised YapStone on the deal.