Fivestars, a San Francisco, CA-based integrated payment processing and marketing platform powering a large local commerce network in the U.S., raised $52.5m in a combination of Series D equity and debt financing.
The round was led by Salt Partners, with participation from Lightspeed Venture Partners, DCM Ventures, Menlo Ventures and HarbourVest Partners.
With $145.5m in total funding to-date, the new funds will be used to develop and scale the company’s integrated payments and marketing CRM platform for brick-and-mortar merchants.
Led by Victor Ho, CEO, Fivestars provides small businesses with a platform featuring payments technology, automated marketing, and access to a network of local shoppers, to drive retention, engagement and new customer acquisition.
The proprietary platform offers:
- Payments: Each swipe, dip or tap of a credit card means a new customer is added to a merchant’s marketing database, allowing merchants to retarget customers and bring them back in the door again
- POS Integration: The platform connects with 500+ POS systems, enabling access in a heavily fragmented market
- Marketing Automation: Businesses can connect with customers via text, email or within the Fivestars app and run personalized promotions to eliminate slow days
- Customer Network: Algorithms facilitate targeted cross-promotions and discovery across a network of over 60 million shoppers