FlexPoint – a payments automation platform designed for managed service providers (MSPs) and the businesses they work with – announced that it has raised $35 million of capital in the form of debt and equity to fund the growth of the company and a vision to provide MSPs with a financial platform to grow and run their businesses.
The funding round was highlighted by a $5 million equity investment led by Haymaker Ventures, with participation from existing investors Garuda Ventures, Far Out Ventures, and Cascade Seed Fund. Along with the equity investment, FlexPoint also closed a $30 million credit facility set up by Tacora Capital, which will be used to further expand FlexPoint’s working capital solutions and provide access to working capital for MSPs.
KEY QUOTES:
“I remember when monthly billing took more than half a day. Now, my account admin just goes onto FlexPoint and approves the invoices. It takes her 15 minutes, and all of our billing is done for the month. The FlexPoint team are great people and true partners. They take their job of helping us to be successful, improve our productivity, and streamline our billing very seriously.”
– Michael Leonard, President at Compunet Technologies, a FlexPoint partner
“We are proud to announce a funding round that shows the innate promise of what FlexPoint can do for managed service providers and our commitment to building a business that serves the MSP community for years to come. These funds will allow us to continue to innovate and bring best in class solutions to our current and future MSP partners.”
– Victor Lopez, Co-Founder and CEO at FlexPoint
“FlexPoint’s ability to change how MSPs do business and provide them the greatest view of their internal cash flow make it a strategic product. We believe in what FlexPoint offers and the team deploying it.”
– Phin Upham, Managing Partner of Haymaker Ventures
