CashStar nabs $15M for expansion
TIM GREENWAY / FILE PHOTO
Ben Kaplan, president and CEO of CashStar, in the company's new office space on Pearl Street in Portland.
Prepaid card company CashStar of Portland said Wednesday it had closed a $15 million Series D round of venture capital led by FTV Capital.
New investor Mosaik Partners joined other existing investors including Passport Capital, Intel Capital and North Hill Ventures.
The new round brings the total raised to date by CashStar to $50 million. The company said in a statement the money will allow it to continue to invest in product innovation, sales and client success.
Said new investor Miles Kilburn, founder of Mosaik and newly appointed CashStar board observer, “Our firm invests in commerce-enabling technology companies with exceptional growth potential that transform the way consumers and businesses transact. CashStar is reinventing the prepaid industry for retailers with innovative digital and mobile solutions that drive business growth, and we are excited to partner in their continued success.”
CashStar’s President and CEO Ben Kaplan added in a statement that “CashStar has incredible momentum and this growth round enables us to capitalize on a huge market opportunity by investing in innovation and client success.”
CashStar’s customers include QVC, Starbucks, The Home Depot and Williams-Sonoma.
CashStar's Kaplan said the company plans to hire 30 to 50 new employees, primarily engineers and project managers, over the next 18 months, according to the Portland Press Herald.
NOTE: This updates a previous version of the story, in which the last paragraph incorrectly listed the source of the new hire information. It came from the Portland Press Herald.
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