Financial Information Technologies, LLC, a Tampa, Florida-based provider of invoicing, electronic payment and analytics solutions to the beverage alcohol industry, received a strategic investment from TA Associates and Luminate Capital Partners.
This builds on the initial 2016 investment by Luminate. The financial terms of the transaction were not disclosed.
The company intends to use the funds to to accelerate organic growth and complete strategic acquisitions.
Led by Tad Phelps, President, Financial Information Technologies provides an electronic payment solution for regulated beverage alcohol and has expanded its products to offer proprietary analytics tools to allow customers to improve their business operations. Its strategic solutions range from purchase order, reconciliation and data reporting, to pricing and promotion communication, compliance adherence and regulatory resource connectivity.
The company manages over 510,000 industry relationships and services more than 3,500 distributors nationwide.
In conjunction with the deal, M. Roy Burns, a Managing Director at TA Associates, and Clara M. Jackson, a Senior Vice President at TA Associates, will join the Fintech Board of Directors. Scott Kingsfield, Operating Partner at Luminate Capital Partners, will serve as Chairman of the Fintech Board of Directors.