Entrepreneurial family office and growth equity firm Greater Sum Ventures (GSV) has made a 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,” says 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,” says 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 commercialising integrated payments as an ancillary revenue stream. Fattmerchant is a market leader in this category and is well-positioned to capitalise 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 No1 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,” says 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 recapitalisation, 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.
