# Stax

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/stax

- Industry: Financial Services
- Headquarters: Orlando, US
- Website: www.staxpayments.com
- Total disclosed funding: $263M
- Latest round: Series D (Mar 8, 2022)
- Investors on record: 9

## About

Based in Florida, US, and founded in 2014, Fattmerchant, Inc. doing business as Stax, operates as a software-as-a-service (SaaS) company offering a financial payment and management platform to business owners and software companies. In June 2022, Stax raised an undisclosed amount of venture funding from new investor PSG Equity. In October 2023, Stax, a portfolio company of Blue Star Innovation Partners, DeepWork Capital, PSG Equity, Florida Opportunity Fund, Wet Paint Ventures, etc., acquired Atlantic-Pacific Processing Systems (APPS). The firm has also acquired key companies like Fuse Bill, Payment Depot, and CardX. Stax, as of June 2024, has over 30,000 merchant customers with more than 150 integrated software partners, has processed over 23 Billion payments, and is led by its CEO, Paulette Rowe. 

The payments technology company supports software platforms, independent software vendors (ISVs), and small to medium-sized businesses (SMBs) with multi-channel payment processing solutions. Stax's product portfolio includes Stax Pay, a platform for payment processing; Stax Connect, enabling ISVs to integrate payments into their software; Stax Bill, an automated subscription billing platform; Stax Processing, a software for ISVs, ISOs, and SMBs for payment and processing needs such as acceptance capabilities, platform and processor integration, onboarding, etc., and CardX by Stax, which offers compliant surcharging solutions. These products support various payment methods, from in-person and online payments to mobile transactions and invoicing, as well as business analytics, e-commerce, and integration solutions for businesses.

Stax generates revenue by offering its products under different subscription plans such as Starting subscription plan at USD 99 per month for processing up to USD 150,000, per year, USD 139 per month for processing USD 150,000 to USD 250,000 per year, etc.

The October 2023, acquisition will support Stax to develop its technology and provide an improved customer experience to its clients.

## Funding rounds

- Series D, Mar 8, 2022, $245M — HarbourVest Partners, Greater Sum Ventures, Blue Star Innovation Partners
- Series C, Jul 19, 2018, $11M — Fulcrum Equity Partners
- Series B, Oct 24, 2017, $5.5M — Fulcrum Equity Partners, Florida Opportunity Fund, venVelo, DeepWork Capital
- Series A, May 12, 2016, $1.4M — Florida Opportunity Fund, venVelo, Nexus Ventures, DeepWork Capital, Wet Paint Ventures
- Seed, Nov 4, 2015, $0.8M — Florida Opportunity Fund, venVelo, DeepWork Capital

## Investors

- Florida Opportunity Fund (https://capitalatlas.ai/funds/florida-opportunity-fund) — Seed, Series A, Series B
- venVelo (https://capitalatlas.ai/funds/venvelo) — Seed, Series A, Series B
- DeepWork Capital (https://capitalatlas.ai/funds/deepwork-capital) — Seed, Series A, Series B
- Nexus Ventures — Series A
- Wet Paint Ventures — Series A
- Fulcrum Equity Partners (https://capitalatlas.ai/funds/fulcrum-equity-partners) — Series B, Series C
- HarbourVest Partners (https://capitalatlas.ai/funds/harbourvest-partners) — Series D
- Greater Sum Ventures (https://capitalatlas.ai/funds/greater-sum-ventures) — Series D
- Blue Star Innovation Partners (https://capitalatlas.ai/funds/blue-star-innovation-partners) — Series D