Boost Payment Solutions, Inc., a New York-based FinTech serving the B2B payments arena, closed a round of funding from San Francisco-based Mosaik Partners.
Widely known as the leader in the nascent B2B payments arena, Boost provides corporations, institutions and municipalities with technology-enabled solutions that optimize commercial card usage and acceptance, making the migration of paper checks to electronic payments quick, easy and profitable for all stakeholders.
Boost Intercept, the company's proprietary B2B gateway platform, transforms manual virtual card payments into a completely passive, straight-through processed experience for suppliers, while also benefitting buyers through rebates and operational efficiencies. Boost's B2B-specific reporting capabilities are unmatched in the acquiring ecosystem and allow enterprises that accept commercial card payments from corporate customers to seamlessly integrate remittance data into their own ERP platforms.
Boost is currently operational in the U.S., Caribbean, Canada, Europe and UAE and will be launching in Australia/New Zealand, Brazil and Hong Kong/Singapore/Malaysia later this year.
Proceeds from this funding will be used primarily to expand the company's organic growth strategies across all functional areas with a focus on business development, sales, product development and support.
Boost was founded in 2009 by payments industry veteran Dean M. Leavitt after observing many failed attempts by others to address the unique requirements of B2B acquiring. According to Mr. Leavitt, "In a world where over half of B2B payments are still made by paper checks and the acceptance of commercial cards can be cumbersome and expensive, Boost has enjoyed meteoric growth and our partnership with Mosaik will allow us to expand that growth even further and explore various strategic initiatives. We are extremely excited about working with the Mosaik team."
Golding & Company served as exclusive strategic and financial advisor to Boost in this transaction.
Boost Payment Solutions is a global provider of B2B payment technologies that eliminate pain points often associated with the use and acceptance of commercial cards. The company's proprietary Boost Intercept® platform is the only gateway that automatically transforms e-mail based virtual card notifications into straight through processed payments, paving the way for expanded acceptance and incremental card-based spend for commercial card customers.