Highnote, the all-in-one platform for creating payment cards and embedded FinTech experiences to help small and medium-sized businesses grow, on Tuesday (Sept. 28) announced it has raised a combined $54 million from a Seed and Series A round.
Oak HC/FT led the Series A and co-led the Seed with Costanoa Ventures, with investments from XYZ, SVB Capital and WestCap. Angel investors Bill Ready (the current president of commerce and payments at Google and former chief operating officer at PayPal), along with Renaud Laplanche, Upgrade CEO, also participated, according to the release.
The 1-year-old California-based company will use the funding to expand its product and engineering teams, as Highnote continues to broaden its platform to include instant credit issuance, full-stack acquiring and global expansion, according to the announcement.
Founded by John Macllwaine, former general manager at Braintree, and Kin Kee, former director of architecture at Braintree, Highnote provides embedded payment experiences to SMBs, allowing companies to launch a card within weeks instead of months, according to the release. In addition, the platform offers developers the flexibility to customize their payments experiences to match their business needs.
Highnote is not the only FinTech raising funds to further growth. Last month, corporate credit card company Ramp, which issues both physical and virtual cards and allows users to automate and digitize expense reports, announced it was raising $300 million in a Series C funding round, as PYMNTS reported. With Ramp’s latest funding round, the New York-based company’s value rose to a whopping $3.9 billion.
See more: Corporate Card Company Ramp Is Raising $300M, CEO Says
Earlier this month, corporate card FinTech Karbon Card announced that it had raised $12 million in pre-Series A funding, which it will use for operations, product development and hiring new employees to double its headcount to 60 within the next six months.
Related news: Karbon Brings in $12M Pre-Series A Funding