Boost Payments Solutions has closed a $22 million Series C funding round led by growth equity and buyout firm Invictus Growth Partners.
The B2B payments optimisation company announced that William Nettles, co-founder and managing partner at Invictus, will join the board of directors.
Existing investors, including Mosaik Partners, INGWE Capital and North Atlantic Capital, also participated in the financing round.
Boost plans to accelerate its global growth across verticals such as healthcare, telecommunications, manufacturing, freight and logistics, and real estate, and said that the funding will support the expansion of sales, marketing, product development and global strategic initiatives.
Dean M. Leavitt, founder and CEO of Boost, said: “Boost’s unique positioning in the industry and the vast addressable market in B2B payments has led to tremendous growth that we expect will accelerate over the next several years.
“Invictus is the perfect partner for us, bringing not only capital, but also operational expertise, a broad network, and differentiated machine learning capabilities that will enhance our platforms and business.”
According to Boost, the global B2B payments marketplace is estimated at more than $120 trillion.
“B2B card payments provide many benefits for enterprises and this is one of the most attractive and fastest growing segments within fintech,” added Nettles.
“Dean and his leadership team have created a world class global organisation that is built to scale and lead the space.”