- Payment technology company CardX announced it raised $2 million funding through Pace Financial Group
CardX — a payment technology company that is an innovator in technology-enabled compliance for credit card surcharging — announced it raised $2 million in funding through Pace Financial Group. Including this round, CardX’s total capital raised is $8.62 million.
Launched in 2013, CardX was founded by CEO Jonathan Razi and COO Michael Tomko. Both of the founders are graduates of Harvard Law School.
“This funding will allow us to continue the remarkable success CardX has seen in 2019 and deliver on our exciting pipeline for new product and marketing. We have the perfect capital partner in Pace and look forward to working with them for years to come,” said Tomko in a statement.
This non-dilutive capital will advance the ongoing development of CardX’s next-generation digital products and accelerate hiring within the company’s headquarters in Chicago.
“The CardX team has built a great company with incredible potential for continued growth. They have an excellent track record and we are very pleased to participate in funding their next stage of expansion,” added John Carr, a Managing Director at Pace Financial Group.
As a regulatory expert, CardX has served as amicus curiae in the US Supreme Court and continues to shape the compliance landscape. Using CardX, businesses can accept credit cards at a 0% cost while achieving 100% compliance.
“Our prior relationship and comfort with Michael Tomko and the CardX leadership team helped facilitate the transaction,” noted Mike Wagner, a Vice President at Pace Financial Group.
