HyperWALLET Systems Inc has received undisclosed growth equity financing from U.S. private equity firm Primus Capital. Raymond James & Associates advised the company on the transaction. Based in Vancouver, hyperWALLET Systems is a provider of online and mobile payment, international payments, card products and financial technology solutions to customers around the world. Update: The company plans to use funding proceeds to expand sales and marketing initiatives, extend an industry-leading product set, address additional end markets, and build upon its existing infrastructure and licensure portfolio.
VANCOUVER, British Columbia–(BUSINESS WIRE)–June 3, 2014–hyperWALLET Systems Inc., the leader in cross-border corporate payment solutions, today announced it has completed a growth equity financing with Primus Capital. hyperWALLET’s award-winning technology platform and global financial network provides brand-enhancing B2C and P2P services for hundreds of global corporations and financial institutions.
Already the market leader for commission payment distribution, with customers including Forever Living, Scentsy and Monavie, the financing will immediately allow hyperWALLET to invest in expanded sales and marketing initiatives domestically and abroad, extend an industry-leading product set, address additional end markets, and build upon its existing infrastructure and licensure portfolio. hyperWALLET has opened an office in San Francisco to support the effort.
“Over the past four years the Direct Selling industry has embraced our private-label wallet, prepaid card and money transmission solutions to meet its highly complex global commission distribution requirements. We’ve proven that compliant and easy to use cross-border payment solutions don’t need to be cost prohibitive,” said Lisa Shields, founder and CEO of hyperWALLET. “We look forward to deepening our services to the Direct Selling industry, and also bringing the benefits of our patented platform and global bank, card, and cash clearing partnerships to new market verticals. We are thrilled to partner with Primus Capital, and look forward to tapping their payments industry knowledge, network of talent, and expertise to guide the next phase of hyperWALLET’s growth.”
“Cross-border business payments represents a $50 trillion global market, yet governments and corporates alike struggle to find payments solutions that can meet their service level requirements,” said Jonathan Dick, Managing Director of Primus Capital.
“hyperWALLET is leading the market for affordable and accessible corporate payments, and we share management’s enthusiasm for the opportunities ahead.” Ron Hess, a Primus Director, added “hyperWALLET’s technology unifies cross-border and domestic payments, giving organizations a single business process for all of their payables – high value or low value, domestic or international. When a company of this scale averages over 90% growth for three straight years they are clearly onto something.”
Raymond James & Associates served as financial advisor to hyperWALLET on this transaction.
hyperWALLET delivers secure, global-grade payment technologies to organizations who require a simplified way to access or leverage the global financial network. Since 2000, we have become a leading provider of online and mobile payment, international payments, card products and financial technology solutions to world-class customers in Canada, the U.S. and internationally. With hundreds of customers (including more than 200 credit unions) that touch millions of users, our clients span numerous sectors including financial services, business and government. For more information, visit www.hyperwallet.com.
About Primus Capital
Primus Capital is a private equity firm that invests in high-growth companies within the healthcare, technology, and technology-enabled services industry sectors. Primus is currently investing its seventh fund, which has over $350 million of committed capital. Transaction types include acquisitions, recapitalizations, and primary investments of growth capital. For more information, visit www.primuscapital.com.
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