Leading payments provider and payment facilitator YapStone announced this week that it had raised $71 million in a recent funding round.
The company said it plans to use the increased funding for plans to expand through product innovations and geographic expansion, as well as the ability to “aggressively pursue mergers and acquisitions.”
YapStone provides payments services for marketplaces and other platforms primarily in the “sharing economy” space, counting HomeAway and VRBO among its clients. YapStone processes more than $18 billion in payments volume annually, the company said.
“YapStone has grown over 35 percent annually for the past decade and 2017’s growth was exceptional,” Tom Villante, co-founder and CEO of YapStone, said in a press release. “This funding will help us grow our leadership position in serving global marketplaces and software companies, utilizing new technologies in expanded geographies.”
Premji Invest, which led the funding round, cited the potential for growth in YapStone’s model as a reason for investing.
“Premji invests in private companies with all the right ingredients to become thriving public companies,” Sandesh Patnam, lead U.S. partner at Premji Invest, said in the release. “YapStone’s comprehensive approach to payments makes this investment very exciting to us and we look forward to significant acceleration in the coming years.”
In a previous interview with PaymentFacilitator.com, the company said that it was focused on providing broad payments-related services relevant to its target vertical without getting into the business of providing other services – providing property-related payments while avoiding apartment search services, for example.
Other investors in this funding round included Mastercard, Accel and Meritech Capital Partners.