Card issuance and program management platform Highnote is entering the US merchant acquiring space after securing $90 million in Series B funding.
The funding round was led by Adams Street Partners, with contributions from Oak HC/FT, Costanoa, WestCap, and Pinegrove Venture Partners.
Founded by former executives from PayPal-owned Braintree, Highnote enables companies of all sizes to integrate virtual and physical card payments, ledger, and wallet functionalities into their products.
With the launch of its acquiring solution, the firm now offers full pay-in and pay-out capabilities on the same platform as issuing, utilizing a unified core general ledger.
The API-based acquiring platform allows businesses to accept card payments online through plug-in checkout software or customized features they develop.
John MacIlwaine, CEO of Highnote, stated, “The acquiring landscape has evolved over time and represents an opportunity for next-generation customers to accelerate growth through embedded acquiring in addition to embedded issuing.”