Fortis to Expand Embedded Payments Offerings After Securing Strategic Investment
Fortis will accelerate its efforts to expand its embedded payments offerings after securing a joint investment from Audax Private Equity and existing investor Lovell Minnick Partners (LMP).
The capital infusion and the addition of the expertise and resources of Audax will strengthen Fortis’ market position and technological capabilities, the companies said in a Wednesday (March 12) press release.
“This partnership with Audax, alongside our long-term investor LMP, provides Fortis with valuable resources to accelerate our product roadmap, pursue strategic acquisitions and expand our global footprint,” Fortis CEO Greg Cohen said in the release.
LMP previously invested in the company in 2019, according to the release. Since that time, Fortis has expanded its reach in B2B and software and provided tailored payments solutions.
Trevor Rich, partner at LMP, said in the release that Fortis’ growth “has exceeded our expectations” and that the new partnership with Audax can “help fuel further technological innovation, strategic acquisitions and channel expansion.”
Audax’s experience in scaling middle-market companies will complement Fortis’ track record in embedded, enterprise resource planning (ERP) and business payments, per the release.
Tim Mack, partner at Audax, said in the release: “Fortis’ ability to simplify complex, multi-channel payment environments through a single integration point represents an integral link in the payments value chain.”
Embedded finance is reshaping what it means for banks, businesses and FinTechs to interact, in real time, with customers, generating new revenue and giving end users a broad range of payments options that meet their needs.
By making the smartphone and the tablet, along with a firm’s own apps and platforms, gateways to commerce ecosystems, embedded finance keeps consumers engaged and transacting, and it improves the cash flows of the firms with which they do business.
Meanwhile, Fortis acquired MerchantE’s NetSuite payments division in July, saying the move would accelerate the deployment of new, embedded financial and commerce-enabling solutions. MerchantE has driven payment acceptance within the NetSuite ERP ecosystem since 2004.
In June 2023, Fortis acquired embedded payment solution provider SmartPay, bringing that firm’s team, customer relationships and capabilities to Fortis. The company said the move would strengthen its ability to serve scaling client businesses in complex markets.
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