Payments facilitator-services provider Infinicept on Tuesday announced it has received a new round of funding from Mastercard Inc. and MissionOG, a venture-capital firm specializing in financial services and software and co-founded by former Mastercard president and chief executive Gene Lockhart.
The new funding round, the amount of which was not disclosed, will be used to hire more engineers and invest in product management and customer service, says Infinicept co-CEO and co-founder Todd Ablowitz.
Infinicept has partnered with Mastercard since 2012 when it began leveraging the payment company’s technology, network, and resources. The relationship has since evolved into an investment opportunity for Mastercard and moved to the commercialization phase, according to Ablowitz. In 2019, Infinicept became a participant in Mastercard’s Start Path startup engagement program.
“Our customers are focused on making payment a core feature of their technology and are using our platform for their sophisticated applications, because they can tie into any gateway or processor,” says Ablowitz, who adds the company is experiencing an 800% growth rate. “We are pouring everything into our platform and customers.”
He says helping fuel Infinicept’s growth is its flexible approach to embedded payments, which allows fintechs in vertical markets to move into payments services on their own terms, as opposed to being locked into a templated solution and without having to do all the work themselves, the company says.
“Embedded payments are a major growth market, and Infinicept’s unique approach and deep payments expertise are valuable differentiators to deliver on the need,” Andy Newcomb, managing partner at MissionOG, says in a prepared statement.
Infinicept’s platform allows software companies to deliver a tailored customer experience while often generating as much revenue from payments as they do from their software, according to Ablowitz.
Infinicept’s customers, which are focused on bringing embedded payments to vertical markets such as pest control and restaurants, include WorkWave, a field-service software provider, Modernizing Medicine, a health-care management platform, and ParTech, a point-of-sale and customer-experience technology provider for the restaurant industry. The company’s first customers were Stripe and Shopify, signed in 2011.
“A lot of the companies we work with have seen their business come back since the Covid-19 pandemic hit and are performing better than pre-Covid,” says Ablowitz.
With the funding to grow its operations, Infinicept expects to expand its relationships with processors and gateways, which in turn will help grow its customer base and the embedded payments volume they generate.