FlexPoint, a payments automation platform for managed service providers (MSPs) and the businesses they serve, has raised $35 million of capital through a combination of debt and equity to fund expansion plans.
The round is highlighted by a $5 million equity investment led by Haymaker Ventures, with participation from existing investors Garuda Ventures, Far Out Ventures and Cascade Seed Fund.
In addition to the equity investment, FlexPoint also closed a $30 million credit facility provided by Tacora Capital. In a statement, the firm said this will be used to further expand its working capital solutions.
The company previously raised $2.4 million in a round announced in September of last year and currently powers the payments for MSPs and their business clients.
“I remember when monthly billing took more than half a day. Now, my account admin just goes onto FlexPoint and approves the invoices. It takes her 15 minutes, and all of our billing is done for the month,” said Michael Leonard, President at Compunet Technologies, a FlexPoint partner.
Victor Lopez, Co-Founder and CEO at FlexPoint added: “We are proud to announce a funding round that shows the innate promise of what FlexPoint can do for managed service providers and our commitment to building a business that serves the MSP community for years to come.”
