Financial Information Technologies (Fintech), a provider of invoicing, electronic payment and analytics solutions to the beverage alcohol industry, has secured a strategic investment from TA Associates and Luminate Capital Partners, building on the initial 2016 investment by Luminate.
Financial terms of the transaction have not been disclosed.
Fintech is partnering with TA and Luminate to enhance its leadership role in the beverage alcohol market through new product innovations and strategic acquisitions. Fintech created the first electronic payment solution for regulated beverage alcohol and has expanded its products to offer proprietary analytics tools to help its customers improve their business operations in myriad ways. Today, Fintech’s products are used daily by more than 120,000 retail locations and over 3,500 beverage alcohol distributors throughout the United States.
“TA Associates is very experienced in electronic payment and financial technology markets, and we are delighted to welcome them as a new investor,” says Tad Phelps, President of Fintech. “The firm has a strong track record of partnering with management to accelerate organic growth and complete strategic acquisitions. We look forward to working closely with TA and Luminate to accomplish our goals, while enhancing the value that we bring to retailers and distributors.”
“Fintech is the market leader enabling more efficient commercial transactions and improving business decisions in the complex and regulated beverage alcohol market,” says M Roy Burns, a Managing Director at TA Associates who will join the Fintech Board of Directors. “With its unique place in the market, we believe that there is a significant opportunity to build on Fintech’s strengths to meet the demands and expectations of its retail and distributor customers. We are thrilled to partner with Tad and the entire Fintech organization, alongside Luminate.”
“Fintech has excellent customer retention and satisfaction, and we are excited about the new products that the team is developing,” says Clara M Jackson, a Senior Vice President at TA Associates who will also join the Fintech Board of Directors. “The beverage alcohol market has many unmet needs that we believe Fintech is well-positioned to address.”
“Fintech has continued to extend its leadership position in the two years since we initially invested in the company,” says Hollie Haynes, Founder and Managing Partner at Luminate Capital Partners who will remain on the Fintech Board of Directors. “We expect Fintech to be able to leverage the expertise that TA has developed through its long history of backing high growth market leaders.”
“Fintech is a tremendous company and we are excited to extend our relationship and continue to build on this powerful franchise,” says Scott Kingsfield, Operating Partner at Luminate Capital Partners who will serve as Chairman of the Fintech Board of Directors. “We welcome TA to the Fintech Board and have high expectations for what we can achieve together.”
Goodwin Procter provided legal counsel to TA Associates, Kirkland & Ellis provided legal counsel to Luminate Capital Partners, and Holland & Knight provided legal counsel to Fintech.
