Fivestars, a U.S.-based integrated payment processing and marketing platform, recently announced it raised $52.5 million in a combination of Series D equity and debt financing. Founded in 2011, Fivestars claims to be a leading payment and customer loyalty platform for small local businesses. The company noted that through technology, its mission is to help businesses and communities thrive by turning every transaction into a relationship.
“Since launching in 2011, Fivestars has become a rewarding platform with 60+ million users discovering and driving sales to 14,000+ small businesses. We help drive over 100 million transactions and $3 billion in local sales per year. More than 1 million people sign up monthly to support the local businesses that make our neighborhoods great.”
Victor Ho, CEO of Fivestars, spoke about the company’s development by stating:
“Our goal is to bring financial technology to Main Street and expand our local commerce network,” says . “For far too long independent merchants were forgotten, but they are the heart of local economies and worth fighting for. This is why we’re creating a network that allows merchants to increase sales and drive retention.”
The Series D is led by Salt Partners, with additional participation from Lightspeed Venture Partners, DCM Ventures, Menlo Ventures, and HarbourVest Partners. The investment round brings the company’s total funding to-date to $145.5 million. The new funds will be used to develop and scale the company’s integrated payments and marketing CRM platform for brick-and-mortar merchants.