TA Associates and Luminate Capital Invest In Fintech

Fintech, an electronic payment processing company based in Tampa, Florida, has closed a strategic round of investment with TA Associates and Luminate Capital Partners. As part of the announcement made earlier this month, Fintech said it would use the funds to pursue new product innovations as well as strategic acquisitions. The terms of the deal were not disclosed at the time of the announcement.

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According to the terms of the agreement, Scott Kingsfield, the Operating Partner at Luminate Capital Partners, will serve as Chairman of the Board at Fintech.

Clara M. Jackson, a Senior Vice President with TA Associates, will also join the board of Fintech and Hollie Haynes, a founder and Managing Partner at Luminate Capital, will remain on the board.

The Boston law firm of Goodwin Procter provided legal counsel to TA Associates to close the deal. The firm of Kirkland & Ellis provided counsel to Luminate Capital Partners and Holland & Knight LLP worked with Fintech.

Founded in 1991, Fintech (Financial Information Technologies) pioneered SaaS solutions for businesses in the highly regulated alcoholic beverages industry. Since then, it has leveraged its position in this niche to provide a host of additional services for customers.

Today, Fintech is widely regarded as the alcohol and beverage industry’s leading provider of electronic payment, analytics, and invoicing SaaS products. The company manages over 500,000 relationships industrywide. Fintech products are used by over 120,000 retail locations and over 3,500 distributors throughout the United States.

TA Associates is based in Boston and focuses its investments in five key verticals: technology, healthcare, financial services, consumer products and business services designed to build profits. The company typically invests between $1.5 and $2 billion per year in new innovations in these fields. The firm has over $14 billion of capital under management and offices on three continents with a staff of over 85 investment professionals.

San Francisco-based Luminate Capital Partners invests primarily in technology companies with a global customer base. The firm aims to drive the strategy, growth and value of companies by investing with flexible capital and support to operations. In addition to Fintech, the firm has invested in Conexiom, StarCompliance, Comply365 and AMTDirect, among many other enterprise SaaS companies.