Fortis, a company that provides embedded payment technology, has secured a joint investment from Audax Private Equity and its current investor Lovell Minnick Partners (LMP).
Using this funding, the company aims to advance payment technology and embedded commerce solutions for businesses.
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Following LMP’s 2019 investment, Fortis extended its presence in the business-to-business platform and software ecosystem by offering customised payment solutions.
LMP partner Trevor Rich said that Fortis’ growth has “exceeded” expectations and believes that the new alliance with Audax will support “further technological innovation, strategic acquisitions, and channel expansion”.
Audax will now partner with LMP and Fortis to improve the embedded payments process, expand product and service offerings, and scale infrastructure to support businesses.
Fortis aims to strengthen its technological capabilities by leveraging Audax’s expertise in scaling middle-market companies alongside its own experience in embedded, ERP, and business payments.
Audax partner Tim Mack stated: “Fortis’ ability to simplify complex, multi-channel payment environments through a single integration point represents an integral link in the payments value chain. In our opinion, the Fortis API unlocks omnichannel strategies for businesses – a powerful value proposition that differentiates Fortis’ software partners, merchants who leverage the technology, and the company itself.”
Fortis CEO Greg Cohen said: “This partnership with Audax, alongside our long-term investor LMP, provides Fortis with valuable resources to accelerate our product roadmap, pursue strategic acquisitions, and expand our global footprint. We’re not just participating in the future of embedded payments—we’re defining it.”
