Florida-based company, Stax, backed by investors Greater Sum Ventures, HarbourVest Partners, and Blue Star Innovation, announced a $245 million series D investment yesterday, giving the financial industry a new unicorn.
Stax is a subscription-based payments processor that charges in-person and online retailers a flat subscription monthly fee rather than a percentage of sales.
Founded in 2014 by siblings Suneera Madhani and Sal Rehmetullah and, who serve as CEO and president respectively, the company has processed $23 billion in payments for more than 20,000 customers across retail, professional services, and health care over the past eight years.
“There isn’t anyone with an omnichannel platform like ours. We believe we are industry-leading. Everybody’s thinking about payments, and owning that ecosystem and that user experience within their platform. We want to be that payment stack in that architecture for software companies who need omnichannel payments. We’re just getting started and we’re taking on Stripe head-to-head.” Stax’s CEO, Suneera Madhani, said in one interview when asked about what’s next for Stax.
The 300-person company, now valued at more than $1 billion, plans to utilize the fresh funds to develop new products, improve consumer offers, increase its employees, and continue to expand worldwide.