SwipeSum Announces $1.1M Funding Round Led by Cequel III
On May 12, 2020, SwipeSum announced a $1.1M funding round led by Jerry Kent at Cequel III, with angel investors Larry Schiffer and Andy Love, and Greenway Family Office- all St. Louis based, where SwipeSum is headquartered. To date, SwipeSum has raised $2.1M and will use the funds for software development of Staitment, their AI-powered credit card processing statement analysis tool.
Staitment was released in September of 2019 and has since assisted SwipeSum in consulting over $9B in payments volumes. Michael Seaman, CEO of SwipeSum, said, “After building the core technology, the advantages of working with a software-assisted payments consultant to navigate the complexities of contracts and integrations began to be recognized.
In 2019 SwipeSum used Staitment to consult over $6B in credit card processing revenue, focusing on integrated software vendors, enterprise, e-commerce, multi-location retailers, and nonprofits, and we continue to grow.”
Matthew Kent, VP at Cequel III, said that Michael and COO Stephen Seaman are “two enthusiastic and dedicated entrepreneurs. They’ve developed a unique and game-changing platform in the credit card processing space that is proven to unlock significant value for its clients. We’re excited to leverage our experience growing businesses through our partnership with SwipeSum.”
Staitment uses artificial intelligence to read uploaded processing statements and outline the fees and pricing structures contained within. Additionally, the software can help credit card processing, e-commerce, point of sale, banking, and payments professionals create sales cost-comparison proposals instantaneously. Staitment is a state-of-the-art platform that connects businesses with a network of providers, enabling the business to curate their unique ideal partners and have the upper hand in negotiations.