NY-based CardFlight, a specialist in mobile point of sale (POS) technology, has corralled $4.2 million in Series A funding. The financing will enable CardFlight to continue to grow its engineering team and accelerate the rollout of their EMV-approved mobile payment acceptance solutions in the U.S.
The round was co-led by an investor group assembled by Dan Henry and MATH Venture Partners.
Dan Henry is an experienced and successful payments entrepreneur who has built and operated multiple payments companies. From 2008 to 2014, he was CEO of NetSpend, a leading provider of reloadable prepaid cards and related financial services that was acquired by TSYS for $1.4 billion.
MATH Venture Partners is a Chicago-based early to growth-stage fund managed by a seasoned team of hands-on investors and operators. A number of seasoned payments executives have invested, including Stuart Harvey, formerly CEO of payment processor Elavon, and Mark O’Connell, chairman of Multi Service. The round of financing also included Silicon Valley Bank and strong participation from current investors, including ff Venture Capital, Great Oaks Venture Capital, Entrepreneurs Roundtable Accelerator, Plug & Play Ventures, and Apostolos Apostolakis.
CardFlight’s technology platform also includes encrypted card readers and a PCI Level 1 compliant payment gateway that supports over 20 different processors, to provide clients with complete mobile payments and mobile POS (mPOS) solutions.
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