Luminate Capital Partners has made an investment in Financial Information Technologies (Fintech), a company that sells data management, payment and software to the spirits industry.
Luminate's investment, the value of which was not disclosed, will add to Fintech's product strategy, data products and other development as the company looks to add to its distribution, said Scott Riley, CEO of Fintech, in a Jan. 10 release.
In the release, Luminate expressed an attraction to Fintech's data management and payment systems, adding it plans to utilize Fintech's position in the beverage alcohol industry to provide "data solutions" to all of its constituents in the beverage industry, which is a frequent target for payment technology innovators.
Fintech's OneSource is a centralized payment gateway that executes transactions and ensures compliance in the highly regulated industry. OneSource connects distributors with retailers and acts as a means to remove paper, check and money orders from alcohol payments. It also tracks inventory, pricing and purchases for retailers and distributors.
It has worked with retailers such as Walmart, CVS, Circle K Stores, Costco, Intercontinental Hotels and Resorts, LongHorn Steakhouse, Olive Garden, Outback Steakhouse and Whole Foods, among others. It also works with more than 3,000 distributors in the U.S. and processes more than $24 billion in payments annually.