All-in-One Payments Platform Stax Achieves Unicorn Status

Stax, an all-in-one payments platform, led by sibling co-founders Suneera Madhani, CEO, and Sal Rehmetullah, president, announced its latest funding raise of $245 million. 

Stax celebrates this significant milestone at a time when less than three per cent of venture capital goes to minorities and less than one per cent of venture capital goes to businesses with women of colour CEOs.

"As a minority woman and executive in fintech, I'm no stranger to discrimination and doubt," said Madhani. "My brother and I built this company from our parents' home back in 2014. Since then, we've grown 500% in the past three years and processed more than $23 billion in payments for 22,000 businesses nationwide. We share this milestone not just with our team, but every person of colour trying to hustle, build their own business and make history."

Stax's latest funding round and unicorn status represents a major step forward for minority-led companies looking to make their mark. The payments platform will use the new capital to expand product capabilities, enhance its customer offerings, grow its team and expand internationally.

Investors include Greater Sum Ventures (GSV), HarbourVest Partners and Blue Star Innovation Partners, all of which have long invested in the payments industry and will serve as strategic partners to Stax. Rob Wechsler, founder and CEO of Blue Star, will join Stax's board of directors. After completing a secondary round, Stax raised an additional primary round of capital to reach the $1 billion valuation.

Source: The Fintech Times