Fintech omnichannel payments platform Qolo has closed a $15 million Series A round led by The Raptor Group. Additional professional investors and strategic partners also participated. The funds are earmarked for staffing, international expansion and product development.
“We experienced strong investor interest fueled by our unique value proposition and rapid pace of customer acquisition. The current fintech climate is driving massive growth, and Qolo’s 100 per cent cloud-native, omnichannel offering is perfectly positioned to meet the demand,” said Patricia Montesi, Qolo CEO. “And we have yet to see a payments model we can’t power.”
In the past year, Qolo has tripled its staff, including C-Suite hires Chief Financial Officer, J. Peter Bardwick (CFO) , Betty Mitchell (chief client officer), and Dhruv Singh (EVP of Strategic Business Development). In July Qolo began rolling out the beta version of its Qolo Accelerator program, an engagement model allowing clients to quickly get to market, while maintaining product flexibility, program control and enhanced economics later on.
“We’ve always been focused on investing in companies to help them realize their vision faster, and we are thrilled to support the incredible growth and fantastic leadership team at Qolo,” said Jim Pallotta, managing partner and founder of The Raptor Group. “The Qolo team has built a unique platform which future-proofs fintechs. Raptor is heavily focused on the sector and has seen how Qolo can assist our other portfolio companies. We recognize how unique Qolo is and are excited to be partnering with them.”
Qolo’s processing system is 100 per cent based in the cloud. That includes its host security module, a move which cuts hardware costs and shaves transaction times.
The cloud nativity benefits those seeking to license and control their own platform by taking in some cases only hours to replicate the platform for clients, the company said. They also have the global infrastructure in place to accommodate regional regulatory standards.