CanadianPrivateEquity reported the story yesterday.
hyperWALLET’s platform and global financial network provides brand-enhancing B2C and P2P services for hundreds of global corporations and financial institutions.
The startup will use the cash to open a San Francisco office and invest in expanded sales and marketing initiatives domestically and abroad.
“Cross-border business payments represents a $50 trillion global market, yet governments and corporates alike struggle to find payments solutions that can meet their service level requirements,” said Jonathan Dick, managing director of Primus Capital.
“hyperWALLET’s technology unifies cross-border and domestic payments, giving organizations a single business process for all of their payables – high value or low value, domestic or international. When a company of this scale averages over 90% growth for three straight years they are clearly onto something,” added Primus’ Ron Hess.
In 2008, hyperWallet Systems entered into an agreement to go public on TSX Venture in a reverse take-over (RTO) deal that would have valued the company at approximately $12.7 million. The agreement was terminated in 2009.
“Over the past four years the Direct Selling industry has embraced our private-label wallet, prepaid card and money transmission solutions to meet its highly complex global commission distribution requirements,” said hyperWALLET CEO Lisa Shields. “We’ve proven that compliant and easy to use cross-border payment solutions don’t need to be cost prohibitive.”