JetPay has raised USD10m in funding from Flexpoint Ford. JetPay is a provider of vertically integrated payment solutions, including card acceptance, processing, payroll, payroll tax filing and card services. JetPay says its payments system is aimed at banks, sales merchants and businesses. The capital is part of a previously announced agreement with Flexpoint in which the firm agreed to invest up to USD40m into JetPay. The funding will be used to pay-off short-term debt and general corporate purposes.
Bipin C. Shah, Chairman and Chief Executive Officer of JetPay, commented: “This infusion of capital to JetPay allows us to pay-off some short-term debt and will speed up our ability to further implement our strategic plan. JetPay aims to become the vendor of choice for businesses in need of the most advanced technologies in payment, processing, and card services.” Mr. Shah added, “I am very excited to once again be working with the partners of Flexpoint. They are knowledgeable about our industry and are supportive of our efforts to expand our business.”
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