JetPay Corp., the Berwyn, Pa.-based card processor, has received a fresh round of funding from payments industry veteran Larry Stone, who is joining the company’s board.
Stone has agreed to invest $19.6 million in debt and equity in JetPay, a provider of debit and credit card acceptance and processing, along with payroll and prepaid card services, JetPay said in an Oct. 19 press release.
JetPay, which emphasizes the cost-saving advantages of combining card acceptance and processing under one roof, plans to use the new funds to pay off existing debt and provide working capital to drive growth, the company said in the release.
Stone previously held posts at the former CitiCorp Card Acceptance Services and was founder and CEO of merchant-processor Card Payment Systems. Most recently he was a principal and director at Mercury Payment Systems, prior to its sale to Vantiv Inc., JetPay added.
Earlier this year JetPay purchased the payments processing company CollectorSolutions, adding 15,300 merchants nationwide.