Boost has raised $22 million in a Series C funding round. The exercise was led by Invictus Growth Partners.
Boost Payment Solutions, a B2B payments firm based in New York, seeks to expand its global presence with the funds. The official press release by the company indicated that the funding round was spearheaded by Invictus Growth Partners, whose co-founder, William Nettles, will be joining Boost as a member of the board of directors.
Increasing Global Reach
Boost Payment Solutions is looking to use the funds to expand its global reach on various divisions, among them manufacturing, real estate, and telecommunication. The company also noted that it had settled over $10 billion payment transactions made via card throughout its operations.
The firm also pointed out the benefits of a B2B payments platform and estimated that the overall global B2B payments ecosystem is estimated to have volumes amounting to $120 trillion.
The founder and CEO of Boost payment solutions, Dean M. Leavitt, also commented on the development stating the firm was uniquely positioned. Its dominance in the market had contributed to the incredible growth record witnessed. This growth is also expected to progress in the coming years.
The CEO further added that Invictus was the ideal partner and that the partnership would boost the firm’s growth in terms of resources and expertise, network, and manpower. It will also enhance the firm’s operations, so the partnership was pivotal for the firm to achieve growth.
Boost also stated they were seeking more partnerships with other firms to develop innovative solutions that enhance B2B payments.
Growth in Fintech Funding
Fintech firms globally have received tremendous contributions from investors seeking to tap into the immense benefits of these firms. Most of these firms have used the proceeds to expand their global reach. This comes at a time when digital transactions are becoming increasingly popular.
The coronavirus pandemic has also been vital in the adoption of digital currencies and digital payment platforms. TrueLayer, a UK fintech firm, recently participated in a funding round led by Addition, in which it raised around $70 million.
In April this year, dLocal, a financial tech firm based in Uruguay, also raised approximately $150 million in a funding round spearheaded by Alkeon Capital. The funding round pushed the valuation of the company to around $5 billion. This shows growing support for fintech firms worldwide, which will expand exposure of individuals to digital platforms.