Goldfinch Partners acquires payments fintech Vesta

Source: Fintech Futures 2020-06-01

Goldfinch Partners, a Washington-based private equity firm, has invested $125 million in Vesta in a bid to take control of more than 80% of the Oregon-based payments and fraud detection solution provider.

Vesta offers “zero-risk” and “zero-liability” payment guarantees. It uses a real-time, artificial intelligence (AI)-powered decisioning platform to analyse customers’ online payment transactions to assess the risk of fraud.

CEO Ron Hynes told Barron’s that around 100 investors are exiting, including high net worth individuals, as well as small angel and seed investors.

Vesta’s CEO Ron Hynes

Hynes says none of these investors held more than an 8% stake. The transaction has been in the works since last October, when the CEO hired FT Partners, a San Francisco-based investment banking firm, to advise on the process.

The transaction, which closed on 18 May, will see the fintech focus on the global deployment of its fraud protection and ecommerce payment solutions. Currently, it serves customers including Shopify, Salesforce, and Vodafone Group.

“Since taking over as CEO in July of last year, I have refocused the company on product development, market expansion and technology enhancements,” says Hynes in a statement.

“This capital infusion from Goldfinch Partners provides us [with] the fuel to accelerate our efforts.” Hynes says a large part of the capital will go towards hiring, marketing and branding efforts.

Vesta

solution

acquisition

Salesforce

Payment Solution

Goldfinch Partners acquires payments fintech Vesta

Subscribe to Our Newsletter!

Subscribe to Our Newsletter!