YapStone Inc., a San Francisco-based provider of electronic payments as a service (ePaaS) for property management and other vertical market segments, has received a $50m minority investment.
The round was led by Accel Partners and Meritech Capital Partners.
The company intends to use the funds to continue to invest in its core technology platform to serve current and new, historically offline, industries, expand internationally and make acquisitions.
Founded in 1999 by CEO Matt Golis and Chairman Tom Villante, YapStone has built a complete, end-to-end, payment services platform for property managers to accept credit cards and e-Checks for rent and other recurring payments.
Its technology includes a unified, real-time reporting platform for check conversion, credit/debit card processing, and electronic check processing.
In conjunction with the investment, Todd MacLean, a partner at Accel, will join YapStone’s board.
Financial Technology Partners LP and FTP Securities LLC served as strategic and financial advisor to YapStone and its Board in the transaction.