Kipp will continue to operate independently, led by co-founders Chanan Lavi as CEO and Nir Levy as chief technology officer, according to the release.
Under the company’s new ownership and its substantial long-term financial backing, Kipp will have the resources it needs to expand its U.S. presence, invest in its technology and partner with issuers and merchants, the release said.
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Kipp solves the challenge of nonsufficient fund (NSF) card declines faced by merchants and card issuers by allowing merchants to pay a premium for transactions that would otherwise be declined. Issuers still determine which transactions they approve, and the premium they require for taking on additional risk, while consumers pay no additional fee, per the release.
“Our focus now is expanding our U.S. issuer and merchant network and bringing more transactions onto the platform,” Lavi said in the release. “This acquisition gives us the long-term backing and operational resources to accelerate that work while preserving what makes Kipp valuable: issuers control their risk, merchants recover sales and consumers pay no additional fee.”
LTVCo’s portfolio of brands includes BeenVerified, Bumper and Ownerly. Through these relationships, the company has seen the costs merchants and issuers suffer from unnecessary declines, LTVCo CEO and Co-Founder Josh Levy said in the release.
“Kipp aligns both sides to recover that revenue and deliver a better customer experience,” Levy said. “We’re committed to building Kipp for the long term, with the financial strength and resources to invest in its technology, expand its network and support its partners at scale.”
Kipp has also brought on three industry experts in leadership and advisory roles, including Executive Chairman Jeff Stiefler, former president of American Express, chairman of Vantiv and lead independent director of FIS; Strategic Advisor Adam Coyle, former chief strategy officer of Worldpay and head of strategy and corporate development at Vantiv; and board member Randy Christofferson, former president of First USA and American Express Relationship Services, according to the release.
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