PORTLAND, Maine--(BUSINESS WIRE)--CashStar, the industry-leading provider of prepaid commerce solutions, today announced the closing of $15 million in growth capital. FTV Capital led the Series D round, joined by new investor Mosaik Partners and existing investors Passport Capital, Intel Capital, North Hill Ventures and others. This financing brings the total capital raised by CashStar to $50 million and will enable the company to continue investing in product innovation, sales and client success.
“Our firm invests in commerce-enabling technology companies with exceptional growth potential that transform the way consumers and businesses transact,” said Miles Kilburn, Mosaik’s founder and newly appointed CashStar board observer. “CashStar is reinventing the prepaid industry for retailers with innovative digital and mobile solutions that drive business growth, and we are excited to partner in their continued success.”
The funding round comes on the heels of several important corporate milestones. During its fifth annual conference, CashStar Innovate, CashStar highlighted its achievement in product development, client and partner successes, and employee investment. The company also recently announced the hiring of Martin Hood as vice president of channel partnerships and Matt Kerper as vice president of strategic business development.
“CashStar has incredible momentum and this growth round enables us to capitalize on a huge market opportunity by investing in innovation and client success,” said Ben Kaplan, CashStar’s president and CEO. “We are very much looking forward to working with Miles and the Mosaik team. His expertise in payments and experience as an operator will be invaluable moving forward.”
About CashStar
CashStar, the industry-leading provider of prepaid commerce solutions, enables the world’s top retailers and restaurants to grow and innovate in the rapidly evolving retail environment. CashStar provides best-in-class capabilities, revenue-optimizing risk management and a client success model based on aligned growth, to optimize digital gifting and prepaid commerce experiences. CashStar powers more than 300 leading brands worldwide including Best Buy, Brookstone, Coach, Crate & Barrel, Dell, Dunkin’ Donuts, Gap, lululemon athletica, Nine West, Office Depot, Petco, Pottery Barn, QVC, Sephora, Staples, Starbucks, The Cheesecake Factory, The Home Depot and Williams-Sonoma. To learn more, please visit www.cashstar.com, follow @CashStar or e-mail info@cashstar.com
