AffiniPay Receives Growth Equity Investment from Great Hill Partners
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Austin, TX – September 30, 2015 – AffiniPay, a leading payment service provider for associations and their members, today announced that it has received a growth equity investment from Great Hill Partners. AffiniPay has experienced annual revenue growth of more than 35% since inception and currently processes over $1.5 billion of volume for approximately 20k clients. AffiniPay expects to use the proceeds to drive growth in sales & marketing and product development and expand into new professional services verticals.
“AffiniPay has experienced rapid growth in recent years, primarily driven by its LawPay division, which counts 42 of the 50 state bar associations and the American Bar Association as endorsement partners,” said Amy Porter, AffiniPay Founder and CEO, “We want to build off this momentum and expand into additional professional services verticals, leveraging our secure payment processing capabilities and strong customer support. To help us navigate the next stage of growth, we sought a financial partner with a strong payment processing background who had experience investing in companies with technology-driven channel-based go-to-market strategies. Great Hill, having invested in eight payment companies, was a perfect fit.”
AffiniPay has been recognized as one of the fastest growing companies in America by Inc. 500|5000 the past four consecutive years and, in 2015, Amy Porter was an EY Entrepreneur of the Year Finalist. In additional to closing the investment round, AffiniPay, located in Austin, TX will be moving its headquarters in December to accommodate its rapid growth.
“Since 2005, AffiniPay has differentiated itself from traditional payment providers with its robust proprietary technology, endorsement partner go-to-market strategy and simplified pricing strategy,” said Nick Cayer, a Principal with Great Hill Partners, “We are excited to partner with Amy and her team to help AffiniPay continue on its growth trajectory.”
As part of the transaction, Matt Vettel, a Managing Partner with Great Hill Partners, and Nick Cayer will be joining AffiniPay’s Board of Directors. Great Hill Partner’s other merchant acquiring investments include Vanco Payment Solutions, Network Merchants, Inc., BlueSnap and Accelerated Payment Technologies. AffiniPay represents Great Hill’s ninth payment investment since inception.
Based in Austin, Texas AffiniPay is a full-service merchant account and online payment gateway provider. AffiniPay was created in response to demand from local, state and national organizations to work with a payment processor that understands the unique needs of association payment processes. Eventually AffiniPay’s Association Partners asked them to extend their custom payment solutions and friendly customer service to their members. Not only are AffiniPay’s services used and recommended by over 1,000 professional and trade associations across the US, they are the processing leader in the legal industry. AffiniPay’s unique LawPay program is endorsed and recommended by over 80 state and local bar associations. For information please visit www.affinipay.com.
About Great Hill Partners
Great Hill Partners is a growth equity firm that has raised $3.8 billion in commitments since inception to finance the expansion, recapitalization, or acquisition of companies in a wide range of sectors in business-to-business and business-to-consumer industries including software, financial and healthcare technology, digital media, eCommerce, and internet infrastructure. Great Hill targets investments of $25 million to $150 million. For more information, please visit www.greathillpartners.com.