Vancouver-headquarted Payfirma announced today that it has completed an oversubscribed $13 million Series A private placement financing.
The financing was led by Dundee Capital Markets, a division of Dundee Securities, and included many of Canada’s leading institutional investors.
Payfirma will use the funds to accelerate its growth, deepen its product offerings, and pursue strategic partnerships.
Since its founding in 2011, Payfirma has brought on over 4,500 business customers in USA and Canada using its multi-channel payment platform, PayHQ. Payfirma has grown to become a recognized leader in the North American payments market and has partnerships with CIBC and Apple.
Payfirma was named the Best New Canadian Startup in 2011 as part of our Canadian Startup Awards.
“Our goal has always been to make payments simpler and to help businesses increase their sales,” said Michael Gokturk, CEO of Payfirma.
“Our customers have repeatedly told us that having all of their payment information in one interface makes it easy for their business to grow. Not having to manually consolidate information from all of their payment channels saves time and provides data that makes business decisions easier. We are excited about entering the Company’s next growth phase.”
Gokturk told PE Hub in an interview that the company is considering an IPO as early as 2016, and could list in Toronto and New York. Gokturk had previously co-founded payments company Versapay Corp and taken it public as well.
Payfirma is tackling the sizeable global payments market. In North America alone, there are over 6 million small and medium-sized businesses that have 2 to 499 employees conducting over $4 trillion in annual sales. This is Payfirma’s target market and the Company expects to remain a leader in this segment with its multi-channel payment platform.
Payfirma is putting the new funds to work right away and hiring aggressively with 26 open positions on the Techvibes Job Board.