LAKE OSWEGO, Ore.--(BUSINESS WIRE)--Vesta, a fintech pioneer in fraud protection and fully guaranteed payment technologies, has secured $125 million in new growth capital from private equity firm Goldfinch Partners. The funding will provide Vesta with the resources to invest in growth and continue the global deployment of its fraud protection and e-commerce payment solutions.
Vesta enables e-commerce companies to grow their businesses by focusing on revenue rather than risk, with its zero-risk and zero-liability payment guarantee. Vesta’s real-time decisioning platform — built on data science and machine learning with more than 25 years of intelligence — analyzes customers’ online payment transactions to assess the risk of fraud. Eliminating the fear of fraud and ensuring that more good transactions are approved increases revenue and ultimately profits. Today, Vesta provides its service to partners in the telecommunications and e-commerce industries and allows merchants to seamlessly integrate through shopping cart plug-ins, including Magento, Shopify, Salesforce, WooCommerce, BigCommerce and SAP Commerce Cloud.
“Since taking over as CEO in July of last year, I have refocused the company on product development, market expansion and technology enhancements. This capital infusion from Goldfinch Partners provides us the fuel to accelerate our efforts,” said Ron Hynes, CEO of Vesta. “The fact that we were able to complete this funding in the current environment is confirmation of the market need for our solution and a tremendous nod to our talented team. I couldn’t be more pleased to have Sean Collins, Bill McNichols and the entire Goldfinch team join us in this exciting ride.”
As more people seek safe ways to pay amid the COVID-19 pandemic, keeping merchants and consumers safe online has never been more important. Vesta has continued to experience strong growth in recent months despite the uncertain global environment. The newly opened Vesta operation in Singapore, which will serve as the hub for Asia operations, is a testament to this momentum.
“Vesta’s CEO Ron Hynes and his team have broadened the firm’s product range and entered new markets, giving new life to a pioneer and longtime leader in the card-not-present payments space,” said Sean Collins, managing partner and co-founder of Goldfinch Partners. “We’re pleased to back the team and the company as they continue to grow and serve organizations across the e-commerce and fintech space.”
Financial Technology Partners (FT Partners) served as exclusive financial and strategic advisor to Vesta and its Board of Directors in this transaction.
More information about Vesta and its suite of fraud prevention and approval enhancement solutions can be found at www.trustvesta.com.
About Vesta Corporation:
Vesta is a leader in guaranteed fraud protection and e-commerce payment solutions that help online merchants, major telcos, payment processors and acquirers optimize revenue by eliminating the fear of fraud. Founded in 1995, Vesta pioneered fully guaranteed card-not-present (CNP) payment transactions for the telecommunications industry by using its cutting-edge data science and machine learning capabilities to thwart fraud and ensure that more valid transactions are approved. Today, Vesta processes and protects billions of dollars in transactions annually. The company’s flexible and scalable solutions enable its customers to eliminate the fear of fraud and increase revenue by delivering secure, frictionless transactions that maximize acceptance and improve customer experience, all backed by a zero-fraud-liability guarantee. For more information, visit www.trustvesta.com.
About Goldfinch Partners:
Goldfinch Partners is a private equity firm focused on investing in businesses at the forefront of digital transformation. Launched in 2018, Goldfinch employees boast decades of experience investing and serving in senior operating roles at leading global companies. Founders Sean Collins (formerly of BCG) and Bill McNichols (formerly of Starbucks and Vulcan Capital) have worked and invested together since 2015, and between them, have led over $15 billion in aggregate transactions.