Payment technology company PayArc has received a strategic investment from private equity firm Bregal Sagemount.
The company said in a news release Tuesday (April 11) that it would use the first round of financing — no dollar amount was provided — to “invest in new sales and marketing channels, target strategic acquisitions, and expand its value proposition to all constituents.”
PayArc, based in Greenwich, Connecticut, provides payment processing for merchants. The company said it will use the capital to carry out a number of strategic growth initiatives and expand its suite of integrated payment functions.
Bregal Sagemount has invested in businesses in a range of sectors, including FinTech, healthcare IT and services, and digital infrastructure. In 2020, the firm invested $80 million in the business spend management Corcetric, which last year used those funds to purchase B2B payments network Vendorin.
Read more: Corcentric Buys B2B Payments Network Vendorin For $100 Million
“We have been very impressed with Bregal Sagemount’s track record of partnerships across the payments sector and proven ability to help its partners scale to new levels,” said Jared Ronski, who founded PayArc with Zach Martinez.
PayArc said it has grown more than 100% in each of the last four years, with a cumulative growth rate of more than 1,500%. The company has worked with more than 10,000 merchants to date, processing more than $3 billion in omnichannel payments volume each year.
“We’re excited to partner with PayArc to provide the resources and operational expertise that will ensure they continue to deliver a leading integrated technology platform, drive superior payment solutions, and support their customers at the highest level,” said Clayton Main, a partner at Bregal Sagemount who will join the PayArc Board of Directors along with Jon Sonnenschein and Zach Month.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More