Omni-channel payment processing solutions provider, Pineapple Payments snagged a $35 million investment from Providence Strategic Growth.
The investment is in the form of growth equity and will be used to accelerate the company’s growth.
Pineapple Payments CEO Brian P. Shanahan said in a statement late last week:
PSG is the logical partner for Pineapple because of its proven expertise in integrated payments and transaction processing…We currently have executed LOIs with three completely unique organizations that together serve 30,000 merchants and process 11 billion dollars annually. We believe these deals will allow Pineapple to leverage the best technology and product offerings in the industry to drive future growth by enhancing the merchant-facing payments experience. The future is very bright.
Based in Pittsburg, Pineapple Payments provides payment processing solutions to Fortune 500 companies, focusing on B2B, B2G, and Integrated Software Vendors (ISV). Providence Strategic Growth (PSG) is affiliate of Providence, Rhode Island- based private equity firm Providence Equity Partners, which has more than $50 billion in assets under management. PSG targets middle market tech-enabled service companies as well as specialized payment platform companies.Like This Post