A Vancouver-based fintech that simplifies transactions between banks and SMBs has raised US$30 million in a Series B funding round.
FISPAN Services Inc. announced Tuesday that the fresh capital would help it accelerate the development of its plugin software, which integrates baking services directly into a business's enterprise resource planning (ERP) or accounting software.
Led by CenterHarbor Canapi Ventures Investment Advisor LLC, the capital will also help the company scale and increase its market outreach, said CEO Lisa Shields in a statement.
FISPAN partners with financial institutions such as the Bank of Montreal (TSX:BMO) and J.P. Morgan, and works with nearly 5,000 businesses across North America, according to a release.
The fintech announced in December 2018 the close of a $6-million funding round, which the company said at the time was to be used to fund its international expansion beyond its Vancouver and New York offices.
It has since launched an office in the U.K.
“What FISPAN aims to do is bring to banks the same capability to interconnect their business, products and services with key back-office business applications. Namely accounting systems and ERP,” Shields said in 2018.
Shields co-founded FISPAN after departing from Hyperwallet Systems Inc., another Vancouver fintech she founded.
PayPal Holdings Inc. (Nasdaq:PYPL) announced in June 2018 that it was acquiring Hyperwallet for US$400 million.
–With files from Tyler Orton
