CashStar has closed $15 million in growth capital, bringing the prepaid commerce solution provider’s total funding to $50 million.
FTV Capital led the Series D round, as well as new investor Mosaik Partners and existing investors Intel Capital, North Hill Ventures, Passport Capital and others. CashStar will use the funding to invest in product innovation, sales and client success.
News of the funding round comes on the heels of several corporate milestones. During its annual CashStar Innovate conference, CashStar reported record revenues for 2014, which was driven by 700% growth in gross merchant value over a three-year period. More than 300 brands and retailers rely on CashStar to power their digital gifting efforts, including Best Buy, Dunkin’ Donuts, lululemon, Pottery Barn, Starbucks, Sephora and The Home Depot.
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CashStar also has made a series of executive appointments to help expand the business. Most recently, the company hired Martin Hood as VP of Channel Partnerships and Matt Kerper as VP of Strategic Business Development.
