Stax has emerged as a major force in the payment processing and fintech sector, achieving unicorn status in March 2022 with a $1 billion valuation. The company has raised a total of $264 million from investors such as Human Capital Development, HarbourVest Partners, and Panoramic Ventures, offering comprehensive solutions that streamline payment workflows for businesses of all sizes.
What Is Stax and What Does It Do?
Stax, founded in 2014 by Suneera Madhani, Sal Rehmetullah, and Jacques Fu, is an Orlando (United States)-based fintech company specializing in all-in-one payment processing solutions. The company employs around 250 people as of December 2023 and has been acquired after a successful growth trajectory.
Stax enables small and large enterprises to accept, manage, and optimize payments through products like Stax Pay, Stax Bill, Stax Connect, and CardX by Stax. Its platform supports contactless payments, recurring billing, invoicing, and financial reporting, allowing businesses to gain real-time insights while reducing operational friction.
By integrating seamlessly with existing business systems, Stax empowers merchants to modernize transactions, improve cash flow visibility, and scale efficiently making it one of the most innovative players in the Payments sector.
How Much Funding Has Stax Raised?
1. Series A
- Amount Raised: $4.3M
- Date: January 2018
- Lead Investors: Panoramic Ventures
- Motivation: To expand operations and enhance product capabilities.
2. Series B
- Amount Raised: $10M
- Date: March 2019
- Lead Investors: Panoramic Ventures, Grotech Ventures
- Motivation: To scale infrastructure and onboard new enterprise clients.
3. Series C
- Amount Raised: $17M
- Date: July 2020
- Lead Investors: Panoramic Ventures, Grotech Ventures, Harbor View Advisors
- Motivation: To enhance product innovation and accelerate customer acquisition.
4. Series D
- Amount Raised: $245M
- Date: March 2021
- Lead Investors: Greater Sum Ventures, HarbourVest Partners
- Motivation: To strengthen market position and support global expansion.
Total Funding Raised: $264 Million
Current Valuation: $1 Billion (as of March 2022)
Latest Funding Date: March 2022
Key Investors
1. Panoramic Ventures
- Details: Venture capital firm investing in early-stage technology companies with high growth potential.
- Investment Focus Areas: Technology, healthcare, software.
- Notable Investments: SalesLoft, Terminus, Greenlight.
2. Grotech Ventures
- Details: Early investor supporting scalable technology companies through capital and strategic guidance.
- Investment Focus Areas: Technology, cybersecurity, digital media.
- Notable Investments: LogRhythm, LivingSocial, Optoro.
3. Greater Sum Ventures
- Details: Private equity firm partnering with founder-led companies for long-term growth.
- Investment Focus Areas: Healthcare, technology, business services.
- Notable Investments: Therapy Brands, Azalea Health, Sycle.
Where Is Stax’s Headquarters?
Stax is headquartered in Orlando, Florida, with operational connections to Fifth Third Bank and Synovus Bank in Cincinnati, OH, and Columbus, GA. Its U.S. presence strategically positions it near key fintech innovation hubs, facilitating partnerships and market growth across industries.
What’s Next for Stax?
Following its acquisition, Stax aims to expand its integrated payment solutions globally and further automate billing, invoicing, and analytics. The company is expected to invest in AI-driven payment intelligence and broaden its suite of business tools, maintaining its vision to simplify financial operations for modern enterprises while continuing its legacy of innovation in the payments ecosystem.
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