TAMPA, Fla. & NEW YORK--(BUSINESS WIRE)--Financial Information Technologies, LLC (“Fintech”), a leading technology provider serving the beverage alcohol industry, today announced it has received a strategic investment from General Atlantic, a leading global growth equity firm. General Atlantic will join existing investor TA Associates (TA).
For more than 30 years, Fintech has simplified how alcohol retailers, distributors, and suppliers do business, providing purpose-built payments, business management, and data and analytics technology solutions. The Company built the first electronic payment solution for the regulated beverage alcohol industry, and today is the scale partner of choice, serving over 4,600 distributors and over 225,000 retail locations in all 50 states across the nation. A leader in helping participants in the beverage alcohol space achieve operational efficiencies, Fintech is partnering with General Atlantic and TA to support continued product innovation and to pursue M&A initiatives.
“Fintech’s core mission is to enable frictionless commerce for retailers, distributors, and suppliers to accelerate sustained operational efficiency and improve insights and decision-making across the value chain,” said Tad Phelps, CEO of Fintech. “Our electronic payment and data insights technologies have been adopted by a growing number of sophisticated customers, and we are excited to leverage General Atlantic’s deep experience across software and payments to help power our next phase of growth.”
Paul Stamas, Managing Director and Global Head of Financial Services at General Atlantic, continued, “Fintech has created a premier suite of products that address the unique requirements of customers across the industry. We are thrilled to support the Company as it aims to increase its leadership position by expanding its innovative technology platform.”
“Tad and the executive team at Fintech have been at the forefront of the industry’s digital transformation for many years,” said Matthew Dorr, Vice President at General Atlantic. “Fintech has played an instrumental role in simplifying business solutions for operators who depend on the product to manage critical details of their business.”
“We are proud to have supported Fintech in accelerating the Company’s profitable growth since our initial investment in 2018,” said Roy Burns, Managing Director at TA. “The Fintech team is committed to winning in the marketplace through innovating in partnership with their customers. TA is excited to continue as a long-term investor in the Company alongside General Atlantic.”
William Blair served as exclusive financial advisor and Goodwin Procter as legal advisor to Fintech. Raymond James served as exclusive financial advisor and Paul Weiss as legal advisor to General Atlantic.
About Fintech
Fintech is the leading business solutions provider of affordable technology built to simplify beverage alcohol management for any business, of any size, that sells alcohol. We empower retailers, distributors, and suppliers by automating essential manual processes and data insights associated with product catalog management, alcohol invoice payment, customer sales management, and industry data collection. With over 30 years of industry experience and unwavering dependability, Fintech delivers an immediate ROI to over 900,000 business relationships nationwide. By simplifying the day-to-day functions necessary to protect and grow margins, teams can get back to doing what they do best – taking care of customers and growing their businesses. To learn more, visit www.fintech.com.
About General Atlantic
General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 500 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic has more than $77 billion in assets under management inclusive of all products as of June 30, 2023, and more than 220 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami, Mumbai, Munich, San Francisco, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv. For more information on General Atlantic, please visit: www.generalatlantic.com.
About TA Associates
TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries – technology, healthcare, financial services, consumer and business services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has over 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.
