Boost, which works with B2B payments players to improve commercial card use and acceptance, will use the funding to drive growth in a variety of industries, such as freight and logistics, real estate, healthcare, telecommunications and manufacturing.
The funding round was led by Invictus Growth Partners and also included existing investors Mosaik Partners, INGWE Capital and North Atlantic Capital.
“Invictus is the perfect partner for us, bringing not only capital, but also operational expertise, a broad network and differentiated machine learning capabilities that will enhance our platforms and business,” Dean M. Leavitt, founder and CEO at Boost, said in the press release.
Commercial cards received heightened visibility in the past year, as businesses sought solutions to improve cash flow while operating in a digital world — a shift that will remain and continue to adapt. Not only do they help suppliers receive payments more quickly, but they also provide businesses with spend controls and greater visibility.
“B2B card payments provide many benefits for enterprises, and this is one of the most attractive and fastest-growing segments within FinTech,” said William Nettles, co-founder and managing partner at Invictus Growth Partners. Nettles will join Boost’s board of directors, per the release.
The trick is getting suppliers as on board with using commercial cards as buyers are, according to a recent PYMNTS podcast with Leavitt. To that end, Boost seeks to have conversations with vendors and clear up their concerns and misconceptions, countering the “immediate bias against cards.”
“You’re engaging them in a process where suppliers didn’t really have a voice,” added Leavitt. “We’re seeing this have a pretty cosmic impact on the way these suppliers are coming on board.”
Boost has processed more than $10 billion in card payments for over 15,000 businesses in five continents, according to the press release.
Selected by EFXA