New York-based commercial card optimization leader Boost Payment Solutions has closed $12 million in a Series B equity and venture debt funding round led by Mosaik Partners and North Atlantic Capital. This funding round will be used for raising the company’s profile domestically and internationally across multiple verticals including healthcare, real estate, transportation, media, logistics, telecommunications, etc.
What does Boost Payment Solutions do? The company optimizes how commercial card payments are initiated, received, and reported. And its technology-enabled platform makes commercial cards more cost-effective, scalable, secure, and business-friendly compared to traditional payment methods.
Boost is also going to be expanding its marketing, product, support, and business development teams in the U.S. and abroad. Currently, Boost is operating in the U.S., Canada, Europe, UAE, Australia, and Brazil. And through a previously announced alliance with Mastercard, Boost is also operational in the Caribbean and other Latin American markets.
“As the only FinTech acquirer exclusively focused on B2B payments, Boost is uniquely positioned to transform how businesses pay each other around the globe,” said Boost founder and CEO Dean M. Leavitt. “We are honored by Mosaik’s continued confidence in our mission and we are excited about our new partnership with NAC.”
North Atlantic Capital founder and managing director David Coit pointed out that Boost Payments Solution has a long and successful history of investing in B2B payments companies. And as soon as Coit met with the Boost Team, they learned about their innovative approach to “solving the pain points often associated with today’s electronic B2B payments.” That is how North Atlantic knew they wanted to partner with Boost.
“The explosive growth Boost has enjoyed since our initial investment in 2017 has been remarkable. The senior management team’s vision for commercial payments, coupled with its proprietary technology and positioning in the domestic and international B2B markets, will continue to pay dividends” added Mosaik Partners managing partner Howard Mergelkamp. “We’re thrilled to be increasing our investment in this incredibly dynamic company.”
