JetPay grabs USD40m for cloud-based payments technology

Secured funding

Payments software developer JetPay has raised USD40m from Flexpoint Ford. JetPay’s system provides a number of financial services such as handling payroll, processing credit cards and administrating taxes. The Texas-based firm was founded in 2001 and says its payments system is designed for banks, sales merchants and businesses.

Bipin C. Shah, Chairman and Chief Executive Officer of JetPay Corporation, explains: “It is our plan to become the vendor of choice for businesses in need of the most advanced technologies in payment, processing, payroll, and card services. JetPay also envisions benefiting employees of our customers with payroll services without risk or unnecessary expense. The proposed investment by Flexpoint, a successful and highly-regarded investment firm, provides us with the ability to quickly carry out our plan while providing fast, secure, and safe payments solutions for businesses of all sizes.” He continued: “Flexpoint’s confidence in us validates what we have already created and gives us an opportunity to accelerate our growth.”

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