Midigator, which markets software to help e-commerce merchants manage payment card chargebacks, has received $30 million in funding from private equity firm LLR Partners to further develop the product.
Launched in 2015 in Salt Lake City, Midigator’s software is designed to help online merchants and their vendors prevent and manage payment card chargebacks with real-time alerts of declined transactions, instant analysis and reporting, according to a press release.
Midigator will use the funds from LLR to expand product capabilities and for marketing to its audience of merchants, processors, acquiring banks and ISOs in the $6 billion card-not-present payments market, the release noted.
“Merchants, small and large, are struggling to keep pace with the rapid growth of fraud and payment card chargebacks,” said Corey Baggett, Midigator’s founder and CEO, in the release.
Atlas Technology Group advised Midigator in the transaction.