Pay By Touch Raises Over $60 Million in New Financing
Pay By Touch has announced it has closed more than $60 million in new financing through the sale of Series C Preferred Shares.
Participants in the financing include hedge funds Plainfield Asset Management and Scout Capital, plus private investors such as Quince Associates and Global Trust Partners, among others. As part of the financing, the company's prior round of Convertible Promissory Notes was converted to the new Series C Preferred Shares."The $60 million in new investment is particularly motivating because it includes such a high level of repeat investment," said John Rogers, founder, chairman, and CEO of Pay By Touch, noting that several previous shareholders increased their holdings in the company.
"Pay By Touch continues to pursue an innovative capital structure, which has appealed to hedge funds and high net worth individuals. This new capital inflow is fueling our explosive growth in the biometric payment, loyalty, and processing sectors."
Pay By Touch has been active in using its previous round of financing to spur significant expansion. Following the company's September round of financing, which raised a cumulative total of $130 million, Pay By Touch completed the acquisitions of CardSystems Solutions, Inc., BioPay, LLC, Capture Resource, 7th Street Software, and Convena, LLC.
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