Payment solutions provider Payline Data raised $5 million, the company announced today. The round, which included participation from Recurring Capital Partners and other investors, will help fund a new technology Payline plans to introduce later this year.
“This is an exciting step for us,” said Payline CEO and co-founder Jeff Shea in a statement. “With this next stage of funding, we can move forward with developing tech innovation for our customers’ needs and continue our aggressive company growth.”
The $5 million round is the second funding Payline has raised in as many years. But just like last year’s $2 million raise, this isn’t traditional VC funding. Recurring Capital isn’t taking any control of the company. The specialized lender, which offers capital to tech companies with recurring revenue, put up $2 million in the fundraising round.
“Jeff and his team have built a phenomenal growth company through innovative products and superb customer service and we are pleased to participate in funding their next stage of growth,” said Recurring Capital founder and managing partner Brian Henley.
Payline has shrugged off venture capital funding in the past in part to stick to its mission. The company's Payline Giving program provides financial contributions and support to various causes like mental health awareness and Alzheimer's research.
“Our focus is to build world-class solutions for merchants, and to invest and create opportunities for the team,” said Shea to Built In Chicago last year. “Payline has remained bootstrapped in order to further this mission of putting our employees and merchants first.”
But that doesn’t mean Payline hasn’t used the funding to expand. The company was named among the fastest-growing startups in the nation last year with an expansion rate of nearly 2,000 percent. While this funding will aide in bringing new tech to market, that will likely require continued hiring.
Image via Payline