Prepaid provider CashStar closes $15 million funding round
CashStar, a provider of prepaid commerce products, today announced the closing of $15 million in growth capital.
FTV Capital led the Series D round, joined by new investor Mosaik Partners and existing investors Passport Capital, Intel Capital, North Hill Ventures and others, according to a press release. This financing brings the total capital raised by CashStar to $50 million and the company said it will enable it to continue investing in product innovation, sales and client success.
"Our firm invests in commerce-enabling technology companies with exceptional growth potential that transform the way consumers and businesses transact," Miles Kilburn, Mosaik's founder and newly appointed CashStar board observer, said in a statement. "CashStar is reinventing the prepaid industry for retailers with innovative digital and mobile solutions that drive business growth, and we are excited to partner in their continued success."
"CashStar has incredible momentum and this growth round enables us to capitalize on a huge market opportunity by investing in innovation and client success," said Ben Kaplan, CashStar president and CEO. "We are very much looking forward to working with Miles and the Mosaik team. His expertise in payments and experience as an operator will be invaluable moving forward."