US cloud-based company ShopKeep has raised $60m in a Series D fundraising round led by Activant Capital, the parties have announced.
The business is one of several US iPad payment firms that look set to target the UK in the near future. The reason for this is that differences between UK and US payment systems have previously been a barrier to entry for US-based EPOS providers but, with the latter adopting EMV (Chip and Pin) and Apple Pay recently launched in the UK, that barrier has now been removed.
ShopKeep is at the forefront of this movement and has enjoyed impressive growth since its 2008 launch. The latest round takes total funding to $97.2m and it is used by 18,000 independent merchants in the US.
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Key moments is ShopKeep’s growth include:
- The strategic acquisition of Payment Revolution and subsequent launch of ShopKeep Payments, a customisable, contract-free payment solution for merchants seeking one centralised system
- 138% YoY growth (monthly recurring revenue) through June 2015
- More than $5bn in transactions processed through ShopKeep’s network in the past year
- Accelerated merchant adoption rates with more than 1,000 new merchants being added each month
ShopKeep founder Jason Richelson, himself a retailer prior to 2008, said his latest venture has the primary aim of “making independent retailers and restaurateurs more successful”.
“With this funding we’re looking to fundamentally change how small businesses are run in the UK,” he continued.
“We’re essentially becoming an affordable IT department for the small business owner, democratising access to the kind of technology and data that used to be the preserve of big corporates.”
Further reading: Secret Escapes raises $60m in Series C round