Boost Payment Solutions Builds Out Board

Following a Series A funding round, B2B payments startup Boost Payment Solutions has created its board of directors, the company said Tuesday (Aug. 1).

Boost founder and CEO Dean M. Leavitt was appointed chairman, and Mosaik Partners founding partner Howard Mergelkamp III will also sit on the board. Mosaik Partners led the company’s Series A funding round in June, though the companies didn’t say how much was raised.

“I am truly honored to be joined by such [an] extraordinary group of business builders and industry leaders who share my vision for the future of Boost,” Leavitt said in a statement. “The combination of our new board and our excellent management team will further enhance our ability to develop and deliver ground-breaking B2B payment solutions to financial institutions, corporations and governmental entities around the globe.”

Other board members include Chris McWilton, Mastercard’s former president of North America; Jeffrey Hack, First Data’s former EVP and COO of global business solutions; and Henry Klein, Lehman Brothers’ former managing director and founder of Ingwe Capital.

Boost Payment Solutions is based in the U.S. but operates in Canada, Europe, the Caribbean and the UAE. The company offers a B2B payments gateway to enable supplier acceptance of cards and buyer use of virtual cards. In addition to facilitating virtual B2B payments, the company facilitates financial reporting and integration of payment data into ERP systems.

The funding raised in June will go toward investing in the company’s growth strategy, Boost said at the time, and to focus on development, sales, product and support. The company said it also plans to launch in Australia, New Zealand, Brazil, Hong Kong, Singapore and Malaysia.

“In a world where over half of B2B payments are still made by paper checks and the acceptance of commercial cards can be cumbersome and expensive, Boost has enjoyed meteoric growth, and our partnership with Mosaik will allow us to expand that growth even further and explore various strategic initiatives,” said Leavitt at the time. “We are extremely excited to be working with the Mosaik team.”