A $15 million Series D round led by FTV Capital has boosted to $50 million the total capital of prepaid solutions provider CashStar. New investor Mosaik Partners and current investors, Passport Capital, Intel Capital, and North Hill Ventures also participated. The additional capital will help CashStar invest in product innovation, sales, and “client success.”
Founder of Mosaik Partners, Miles Kilburn pointed to CashStar’s “exceptional growth potential” as one reason for his firm’s decision to support the company. “CashStar is reinventing the prepaid industry for retailers with innovative digital and mobile solutions that drive business growth,” said Kilburn, who will be joining the CashStar board of directors.
CashStar President and CEO Ben Kaplan saw the investment as part of a larger wave of momentum the company has enjoyed in recent months. The company made two executive appointments this year: Martin Hood as vice president of channel partnerships in May, and Matt Kerper as vice president of strategic business development in July. May was also the month CashStar moved into new offices in Portland, Maine, and announced that Studio Movie Grill would be launching CashStar-powered digital gift cards. In July, CashStar was named to the AlwaysOn Global 250 for the second year in a row; in March, CashStar won a 2015 PYMNTS Innovator Award in the Best Prepaid Innovator category.
Founded in 2007 and headquartered in Portland, Maine, CashStar demonstrated its Digital Gifting and Incentives Platform as part of FinovateFall 2011 in New York.