Boost Payment Solutions, a New York-based B2B payments company, announced that the company has raised $22 million in a Series C funding round to accelerate its global growth.
According to the official press release, the recent funding round was led by Invictus Growth Partners. In addition, Boost mentioned that William Nettles, Co-Founder and Managing Partner at Invictus, will join the board of directors of the company.
Boost is planning to expand its global presence across different sectors including real estate, telecommunication and manufacturing. According to the company, it has processed more than $10 billion in card payments.
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The fintech company highlighted the importance of the B2B payments marketplace and mentioned that the overall volume of the global B2B payments marketplace is estimated at around $120 trillion.
Commenting on the latest announcement, Dean M. Leavitt, Founder and CEO at Boost, said that: “Boost’s unique positioning in the industry and the vast addressable market in B2B payments has led to the tremendous growth that we expect will accelerate over the next several years. 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.”
The payments firm mentioned that it is closely working with institutions to find innovative solutions for B2B payments.
Financial technology firms worldwide have raised significant amounts for global expansion since the start of 2020 as users started preferring digital payments instead of cash transactions. The recent spread of the coronavirus pandemic has played a major role in the global adoption of digital payments. The UK-based fintech firm, TrueLayer recently raised nearly $70 million in a funding round led by Addition. In April 2021, dLocal, the Uruguay-based financial technology platform, secured $150 million in funding during a round led by Alkeon Capital. Furthermore, the company received a valuation of $5 billion.