ORLANDO, Fla., Dec. 01, 2020 (GLOBE NEWSWIRE) -- Entrepreneurial family office and growth equity firm Greater Sum Ventures (GSV) today announced its majority investment in Orlando-based integrated payment technology provider Fattmerchant.
The funding will provide additional capital that will enable Fattmerchant to increase its investment in innovation and accelerate its growth. The company will continue to be led by CEO Suneera Madhani, President Sal Rehmetullah, and the founding team.
Founded in 2014, Fattmerchant has experienced impressive growth in its Omni solution, a software platform offering businesses a unified commerce experience to manage their operations and facilitate omni-channel payment acceptance. The company’s newly launched Omni Connect offering provides independent software vendors (ISVs) the ability to integrate payments into their product offerings and operate as a payment facilitator via a single API, including bank sponsorship, merchant application and enrollment, risk management, settlement, and reporting and analytics.
“We’re gratified by GSV’s show of confidence and look forward to working with this experienced team to continue our explosive organic growth,” said Madhani. “Through Omni and Omni Connect, Fattmerchant offers clients and partners an unmatched set of capabilities and user experience that combines the best attributes of current providers with proprietary offerings.”
Fattmerchant’s Omni Connect offering provides ISVs a fully integrated, end-to-end PayFac experience and merchant portfolio management through a single API. The launch of the platform has resulted in a rapidly expanding roster of partners with an existing base of merchants.
“This opportunity is a perfect fit for GSV as we have always concentrated on the intersection of software and payments,” said Ross Croley, Founder and Managing Director of Greater Sum Ventures. “We believe this is a large growth market with independent software vendors increasingly focused on commercializing integrated payments as an ancillary revenue stream. Fattmerchant is a market leader in this category and is well-positioned to capitalize on the ongoing trend in software integrated payments.”
In 2020 alone, the company was named to the Forbes’ list of Top 50 Fintech Companies; to the Inc. 5000 list of fastest-growing private companies; Deloitte’s 2020 Technology Fast 500; and as Private Titans No. 1 Fintech Business in Florida. Additionally, Madhani’s strategic leadership earned national recognition as she was most recently named on Fortune’s 40 under 40 list.
"This investment helps us dedicate our resources to expanding our proprietary technology offerings to meet the increasing needs of ISVs and SMBs," said Rehmetullah. "Although we've brought innovation to the payments space since launching in 2014, we're taking it to the next level thanks to the GSV team."
Fattmerchant was backed by Fulcrum Equity Partners prior to the majority recapitalization, which was led by board members Jim Douglass and Philip Lewis. William Blair & Company also served as the exclusive financial advisor to Fattmerchant in connection with the transaction led by Jamie Hamilton. Morris Manning & Martin LLP acted as Fattmerchant’s legal advisor, and Greenberg Traurig, LLP served as legal advisor to GSV.
About Greater Sum Ventures
Greater Sum Ventures (GSV) is an entrepreneurial family office that invests its own capital in middle market software and tech-enabled services companies. With entrepreneurial roots and proven operational and investing experience, GSV works with select independent co-investing partners to build platforms of technology companies that revolutionize the industries they serve. Guided by a unique perspective and playbook, GSV adds exceptional value to its growing portfolio, which includes Community Brands, Ministry Brands, Inhabit IQ, Therapy Brands, Transit Technologies, Vehlo, LivTech and Government Brands, among others. The firm was established in 2015 by the founders and leadership team of Ministry Brands, which would become the 2017 Private Equity Deal of the Year. Headquartered in Knoxville, Tennessee, GSV provides access to capital and operational support to midmarket technology firms all over the world. To learn more, visit GreaterSumVentures.com.
About Fattmerchant
Fattmerchant is an award-winning payment technology leader in FinTech focused on empowering established businesses and software companies to streamline payment acceptance, simplify operations and grow their business. With its all-in-one integrated solution Omni Connect, traditional software companies have access to an entire payments ecosystem at their fingertips. This comprehensive solution equips software companies with the ability to accept payments from within their platforms to help create an overall integrated experience for their users. Omni Connect brings together all of the necessary payment processing tools and services into a single platform, thereby allowing a software company to own and monetize the entire payments experience.
